In today’s briefing:
- Seven & I: Activist ValueAct Seeking a Spin-Off of The US Business
- Toyo Construction (1890 JP): YFO Fires Another Salvo at the Board
- Universal Entertainment of Japan: IPO for Its Manila Casino Draws Closer
- Takeda Strengthens Oncology Portfolio with HUTCHMED’s Fruquintinib Acquisition
Seven & I: Activist ValueAct Seeking a Spin-Off of The US Business
- New York-based hedge fund ValueAct has told Seven & I Holdings (3382 JP)’s shareholders to support them in their bid to spin off the 7-Eleven US convenience store business.
- Spinning off the only growth driver of the business does not seem like an idea that Seven & I or its shareholders are likely to entertain.
- We fear that ValueAct could be looking for reasons to call-off its investor-activism-campaign and perhaps is trying to squeeze out every last bit of gains as it exits its positions.
Toyo Construction (1890 JP): YFO Fires Another Salvo at the Board
- Due to the inability of getting a fair hearing from Toyo Construction (1890 JP)’s Board, YFO’s strategy now is to replace some of the Board at the June AGM.
- YFO’s latest press release also catalogues the Board’s shockingly poor corporate governance in relation to its tender offer at JPY1,000. Crucially, a special committee is yet to be formed.
- There is no timeline update on the tender which was set to start in late January. YFO continues to maintain that it will not withdraw its proposal.
Universal Entertainment of Japan: IPO for Its Manila Casino Draws Closer
- The long, tortured legal mess between Universal and its ousted founder over control of its lucrative Manila integrated casino resort now has a clear path to its spin off IPO.
- The Okada Manila resort is among the sector leaders in the burgeoning Philippines gaming market now ramping rapidly toward full GGR recovery.
- At UE’s current price of 2,347jpy, the stock bears a built in premium of a Spac IPO now appearing to be pointed to debut this year.
Takeda Strengthens Oncology Portfolio with HUTCHMED’s Fruquintinib Acquisition
- Takeda announced Monday that it has entered into an exclusive licensing agreement with HUTCHMED (China) for further development and commercialisation of Fruquintinib outside of Mainland China, Macau and Hong Kong.
- Takeda will pay HUTCHMED $400m upfront and up to $730m in additional potential payments relating to regulatory, development and commercial sales milestones, as well as royalties on net sales.
- Fruquintinib was approved in China in 2018, is a highly selective, oral VEGFR1/2/3 Tyrosine Kinase Inhibitor and offers potential new treatment option for patients with refractory metastatic colorectal cancer (CRC).
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
