Weekly Top Ten Event-Driven and Index Rebalance – Nov 9, 2025

1. [Japan Activism] DeNA Attracts Murakami Group – Potentially Squeezable With Reason

By Travis Lundy, Quiddity Advisors

• Last week, “Murakami Group” (a group of investors who jointly file large shareholder filings) announced a 5+% stake in DeNA (2432 JP). The stock popped. Then they filed again.
• This was not surprising. It has long been known as a “value” name (and has the requisite short balance to prove it). The question is how much value IS there
• The question is how much value IS there. And to whom? It’s an interesting question which deserves a look, so we take a look.  

2. Pine Labs IPO: Slashed Offering Size & Lower Valuation

By Brian Freitas, Periscope Analytics

• Pine Labs (0568874D IN) is looking to list on the exchanges by selling 176.5m shares via a primary and secondary offering to raise US$439m at a valuation of US$2.86bn.
• The price band has been set at INR 210-221/share and could price at the top end of the range. The IPO raise and valuation are sharply lower than earlier reports.
• Inclusion at regular rebalances will commence in May but flow will be small given the low float and the Smallcap indices that it is added to.

3. Toyota Industries (6201 JP): Market Movements Support the Case of a Higher Offer

By Arun George, Global Equity Research Ltd

• Last month, nearly two dozen global asset managers, through ACGA, submitted a joint letter to the boards of Toyota Industries (6201 JP) and Toyota Motor regarding the tender offer.
• The letter outlined five issues, which distilled down to concerns about a low-balled offer. Their cause is increasingly supported by market movements, which support the case for the bump.
• Recent activism against several low-balled tenders signals that TICO, despite its size, is not immune. My SoTP valuation is JPY19,607, which is 20.3% above the offer price.

4. [Quiddity Index] Light & Wonder (LNW US/AU) US Delisting / ASX Relisting Index Event

By Travis Lundy, Quiddity Advisors

• In August, Light & Wonder (LNW AU) / Light & Wonder (LNW US) announced that the company would give up its US listing and move to an ASX Primary Listing.
• The NASDAQ delisting has been confirmed (as expected) for 12 November. October saw significant CDI conversions. More have come in the last few days. 
• This creates a significant, and interesting set of index events to track. 

5. Matheson’s Motive For Avoiding MAND’s Dissentient Shareholders

By David Blennerhassett, Quiddity Advisors

• Back in 2021, Jardine Matheson (JM SP) took 84.89%-held Jardine Strategic (JS SP) private by way of an Amalgamation. As Matheson was permitted to vote, the outcome was assured. 
• Less clear are “fair value” appraisal rights afforded Strategic’s dissentient shareholders, the outcome of which navigates the Bermuda/UK courts. To date, dissenters have mostly had their way.
• Which may have precipitated Matheson opting for a (full value) Scheme for Mandarin Oriental International (MAND SP), in which appraisal rights are not afforded.

6. Merger Arb Mondays (03 Nov) – ANE, Dongfeng, Mayne, AUB, Digital Holdings, Makino, Soft99, SCSK

By Arun George, Global Equity Research Ltd

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Mayne Pharma (MYX AU), Brainpad Inc (3655 JP), Smart Share Global (EM US), AUB Group Limited (AUB AU), ENN Energy (2688 HK), Dongfeng Motor (489 HK).
• Lowest spreads: Bright Smart Securities (1428 HK), Mandom Corp (4917 JP), Pacific Industrial (7250 JP), Seven West Media (SWM AU), Humm Group (HUM AU), Toyota Industries (6201 JP). 

7. [Japan Activism] Mandom (4917 JP) – Murakami at 20% and Mandom Offers A Sweet Poison Pill

By Travis Lundy, Quiddity Advisors

• Mandom Corp (4917 JP) yesterday decided to launch a question-response effort for the Murakami-san Group ownership of Mandom shares up to and above 20%. This is a Poison Pill precursor.
• There’s a drawn out set of questions, answers, etc, at the end of which, the Independent Committee will decide that Murakami is a Bad Person and the Poison Pill proceeds.
• Murakami Group is apparently now over 20%. That’s a little tricky. But this looks like a Good Poison Pill. 

8. Mandom (4917 JP): Countermeasures Ostensibly to Buy Time for a Higher Offer

By Arun George, Global Equity Research Ltd

• Mandom Corp (4917 JP) has proposed countermeasures in response to Murakami’s 18.87% voting stake and to ostensibly secure time for an alternative, viable (higher) offer.
• The read-across from the proposal is that CVC’s offer at current terms will fail, CVC is unwilling to match Murakami/Hibiki’s expectations, and there could be genuine interest from third-party bidders. 
• Nevertheless, countermeasures are unnecessary as the share price and presence of activists provide the time needed for the Board’s purported aim to secure a higher offer.       

9. Physicswallah IPO: Index Inclusion Possibilities & Timing

By Brian Freitas, Periscope Analytics

• Physicswallah Limited (2076103D IN) is looking to list on the exchanges by selling 319.26m shares via a primary and secondary offering to raise US$392m at a valuation of US$3.5bn.
• The price band has been set at INR 103-109/share, and the issue is likely to price at the top end of the range.
• The stock will be added to the AMFI Smallcap segment and inclusion in the Nifty Smallcap 250 index is likely in March. Global index inclusion could commence in June.

10. StubWorld: Sumitomo Chemical/Sumitomo Pharma, Hyundai Motor/ Kia Corp, Ecopro Co/Ecopro BM

By David Blennerhassett, Quiddity Advisors

• For a change of pace, this insight briefly canvasses a clutch of Holdco’s trading at extreme levels, in both “set-up” and “unwind” territory.
• Preceding the chart/table-heavy insight are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.