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 (30 Jul) - L'Occitane, Dali, Eoflow, Toshiba, Pacific Current, Estia

Merger Arb Mondays (31 Jul) - Eoflow, JSR, Toshiba, Pacific Current, Costa, Estia, Newcrest, Dali

EOFLOW/Medtronic Tender: Insulet’s US Complaint Materially Increases Deal Break Risks

EOFLOW/Medtronic Tender: Risk/Reward Profile

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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/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> aims to acquire <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a> through share purchase agreements (SPA), a share subscription agreement (SSA) and a public tender offer at KRW30,000.</li>
<li>Since the deal announcement on 26 May, the spread has widened, reflecting deal risk around patent litigation risk, regulatory approvals and the minimum acceptance condition.</li>
<li>Our assessment of these risks suggests a low probability of a deal break. At the last close, the gross spread is an attractive 8.5%. </li>
</ul>



Medtronic Plc (MDT US) aims to acquire Eoflow (294090 KS) through share purchase agreements (SPA), a share subscription agreement (SSA) and a public tender offer at KRW30,000.
Since the deal announcement on 26 May, the spread has widened, reflecting deal risk around patent litigation risk, regulatory approvals and the minimum acceptance condition.
Our assessment of these risks suggests a low probability of a deal break. At the last close, the gross spread is an attractive 8.5%. 


EOFLOW/Medtronic Tender: Assessing the Wide Spread