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

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a> has recommended a Bain-sponsored MBO at JPY2,970, a 1.0% premium to the undisturbed price of JPY2,942.  </li>
<li>While the offer is above the midpoint of the IFA DCF valuation range and attractive relative to peer multiples, it is 7.8% below the 3-month high of JPY3,220.</li>
<li>A competing offer is unlikely, as the founding shareholders did not accept a fiduciary-out clause. The deal is tough to block because of the low minimum acceptance threshold.  </li>
</ul>



Baudroie (4413 JP) has recommended a Bain-sponsored MBO at JPY2,970, a 1.0% premium to the undisturbed price of JPY2,942.  
While the offer is above the midpoint of the IFA DCF valuation range and attractive relative to peer multiples, it is 7.8% below the 3-month high of JPY3,220.
A competing offer is unlikely, as the founding shareholders did not accept a fiduciary-out clause. The deal is tough to block because of the low minimum acceptance threshold.  


Baudroie (4413 JP): Bain-Sponsored MBO at a Nil-Premium Will Be Tough to Force a Bump