In today’s briefing:
- Soft99 Corp (4464 JP): Could the MBO Revised Offer Get the Job Done?
Soft99 Corp (4464 JP): Could the MBO Revised Offer Get the Job Done?
- The Soft99 Corp (4464 JP) MBO offer price has been increased by 8.7% to JPY2,680, an 18.8% discount to the last close and a 34.6% discount to the Effissimo offer.
- Ostensibly, the offer was revised based on requests from some shareholders to increase the offer price and for it to exceed the book value of JPY2,653 (implying P/B of 1.01x).
- The latest update points to modest withdrawals of non-KeePer acceptances. Effissimo continues to face an uphill task, and the revised MBO offer increases the odds of success.
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