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

Merger Arb Mondays (24 Nov) - ANE, Dongfeng, ENN, Jinke, Shengmu, AUB, Digital Hldgs, Pacific Ind

Digital Holdings (2389 JP): SilverCape Revised Terms Faces Twin Challenges

Digital Holdings (2389 JP): SilverCape’s Hostile Competing Bid Is Met with Countermeasures

Digital Holdings (2389 JP): SilverCape Counters with a Hostile Preconditional Offer

Soft99 Corp (4464 JP): Could the MBO Revised Offer Get the Job Done?

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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/hakuhodo-dy-holdings-inc" target="_blank" data-smartkarma-citation="entities:8736:1" rel="noopener">Hakuhodo Dy Holdings (2433 JP)</a> increased its <a href="https://www.smartkarma.com/entities/digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:1697:1" rel="noopener">Digital Holdings Inc (2389 JP)</a> tender offer price by 2.3% to JPY2,015, 7.1% below the last close and 15.3% below SilverCape’s JPY2,380 offer.</li>
<li>The lower limit has been reduced to a 24.67% ownership ratio. Hakuhodo's confidence in passing the EGM share consolidation vote relies on AGM voting trends and passive votes.</li>
<li>Hakuhodo’s acceptances as of 28 October exceed the lower limit. The revised Hakudodo offer will severely dent the chances of SilverCape’s offer.</li>
</ul>



Hakuhodo Dy Holdings (2433 JP) increased its Digital Holdings Inc (2389 JP) tender offer price by 2.3% to JPY2,015, 7.1% below the last close and 15.3% below SilverCape’s JPY2,380 offer.
The lower limit has been reduced to a 24.67% ownership ratio. Hakuhodo's confidence in passing the EGM share consolidation vote relies on AGM voting trends and passive votes.
Hakuhodo’s acceptances as of 28 October exceed the lower limit. The revised Hakudodo offer will severely dent the chances of SilverCape’s offer.


Digital Holdings (2389 JP): Hakuhodo Bumps and Lowers the Minimum Tendering Condition