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 (09 Aug) - FleetPartners, Steadfast, GJTAI, Digital Hearts, JPMC, Shein, GCash

Merger Arb Mondays (10 Aug) - GJTAI, Con Aero, Get Nice, Cygnus, OOh!Media, Digital Hearts, JPMC

Uncompromised, Independent, Conflict-Free Research

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/digital-hearts-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:13923:1" rel="noopener">Digital Hearts Holdings (3676 JP)</a> announced a Chairman-led MBO at JPY1,060, a 40.8% premium to the last close of JPY753.  </li>
<li>The timing is opportunistic as the shares have underperformed peers YTD. The offer is below the midpoint of the target IFA’s DCF valuation range and the special committee’s requested offer.</li>
<li>However, the deal is likely to complete, as the substantial shareholders have either provided irrevocables or will be supportive, given that the offer provides an attractive ROI.  </li>
</ul>



Digital Hearts Holdings (3676 JP) announced a Chairman-led MBO at JPY1,060, a 40.8% premium to the last close of JPY753.  
The timing is opportunistic as the shares have underperformed peers YTD. The offer is below the midpoint of the target IFA’s DCF valuation range and the special committee’s requested offer.
However, the deal is likely to complete, as the substantial shareholders have either provided irrevocables or will be supportive, given that the offer provides an attractive ROI.  


Digital Hearts (3676 JP): Chairman-Led MBO Is Light but Likely Done