IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Weekly Deals Digest (19 Oct) - Mayne, Soft99, Mandom, Kangji, Mandarin Oriental, Genting Malaysia

Ashimori Industry (3526 JP): Toyoda Gosei (7282 JP)’s Tender Offer at JPY4,140

Ashimori Industry (3526 JP): Potential Endgames as Murakami Builds a Stake

Ashimori Industry (3526 JP): Murakami Outlines His Case

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a> has lowered its minimum tendering condition but kept its <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a> tender offer unchanged at JPY4,140.</li>
<li>The lowered minimum tendering condition, which would be met based on acceptances as of 24 September, would also enable the share consolidation vote to pass based on AGM voting trends. </li>
<li>Takateru Murakami has been left high and dry and will likely pursue appraisal rights. At the last close, the gross/annualised spread is 0.6%/10.8%.</li>
</ul>



Toyoda Gosei (7282 JP) has lowered its minimum tendering condition but kept its Ashimori Industry (3526 JP) tender offer unchanged at JPY4,140.
The lowered minimum tendering condition, which would be met based on acceptances as of 24 September, would also enable the share consolidation vote to pass based on AGM voting trends. 
Takateru Murakami has been left high and dry and will likely pursue appraisal rights. At the last close, the gross/annualised spread is 0.6%/10.8%.


Ashimori Industry (3526 JP): Finish Line in Sight as the Minimum Tendering Condition Is Lowered