In today’s briefing:
- [Japan M&A] Murakami Launches Tender on Sankei Real Estate (2972 JP) At ¥125,000/Unit
- Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile
- Asia-Pac Weekly Wrap: Kobayashi Pharma, Global Lithium, IDP, OFX, Ajinomoto, Reliance Worldwide
- Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Sep 2026)
[Japan M&A] Murakami Launches Tender on Sankei Real Estate (2972 JP) At ¥125,000/Unit
- In January, Tosei Corp (8923 JP) and GIC launched a TOB on Sankei Real Estate (2972 JP), the REIT of sponsor Sankei Building, a subsidiary of targeted/beleaguered Fuji Media (4676).
- Murakami-San bought a large stake in the REIT, first sending the price up, then blocking the deal. A Fukuoka-based building was written down hard, a dividend promised was revoked.
- Post deal-fail, REITs fell as interest rates rose. Murakami-san negotiated with the REIT and its Special Committee. The Fukuoka Green Building is sold.
Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile
- Resonac Holdings (4004 JP) is worth more than ¥200/share over the medium-term. But expect this Crasus Chemical (646A JP) spinoff to create trading and accumulation opportunities in the near future.
- Tokio Marine (8766 JP) reportedly identified Suncorp (SUN AU). It’s a clean play after selling Suncorp Bank to ANZ. IAG (IAG AU) is now cleaner after settling the Greensill litigation.
- Legend Holdings (3396 HK) remains deeply valued. It is now seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn.
Asia-Pac Weekly Wrap: Kobayashi Pharma, Global Lithium, IDP, OFX, Ajinomoto, Reliance Worldwide
- I tally 36 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
- Three new deals were discussed on Smartkarma this week: Global Lithium Resources Ltd (GL1 AU), IDP Education (IEL AU), and Kobayashi Pharmaceutical Co (4967 JP).
- Key updates/news also took place on: OFX Group (OFX AU),Changhong Jiahua (3991 HK), Ajinomoto Malaysia (AJI MK), Carnaby Resources (CNB AU), and Reliance Worldwide Corp (RWC AU).
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Sep 2026)
- Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
- Highlights: Currently eight pairtrade opportunities persist across three markets and five sectors.
- Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.
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