In today’s briefing:
- Tatsuta Electric (5809 JP): Eneos Returns with a Token Bump to JPY780
- Japan Pure Chemical (4973 JP): Q1 FY03/25 flash update
Tatsuta Electric (5809 JP): Eneos Returns with a Token Bump to JPY780
- ENEOS Holdings (5020 JP) has increased the Tatsuta Electric Wire & Cable (5809 JP) tender offer price by 8.3% to JPY780 and extended the offer period to 19 August.
- Eneos tried to get the required acceptances by refusing to bump and subsequently extending the offer period. The tactics failed as minorities required a bump due to the market re-rating.
- While the revised offer remains light, the token bump and deal fatigue should suffice to nudge the marginal vote to accept. At the last close, the gross/annualised spread was 5.0%/85.8%.
Japan Pure Chemical (4973 JP): Q1 FY03/25 flash update
- Revenue increased to JPY3.1bn (+8.3% YoY), with operating profit at JPY149mn (+173.2% YoY) and net income at JPY271mn (+127.3% YoY).
- Revenue from plating chemicals for PCBs and semiconductor substrates was JPY1.5bn (+75.1% YoY), with stable sales for generative AI.
- Revenue from plating chemicals for connectors was JPY444mn (-27.7% YoY), while revenue for lead frames was JPY1.1bn (-12.7% YoY).
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