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 (03 Aug) - Taiyo, NS United, Future, Kakaku, Shinko Shoji, Dida, ASM, Accent

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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/future-corporation" target="_blank" data-smartkarma-citation="entities:5485:1" rel="noopener">Future Corporation (4722 JP)</a> announced a Chairman-led MBO at JPY2,451, a 2.9% premium to the last close of JPY2,382.  </li>
<li>The low takeover premium could be explained by the mysterious 65.13% share price surge from 24 June to 27 July. Also, the offer represents an all-time high. </li>
<li>However, the offer is below the midpoint of the special committee's IFA DCF valuation range and is light relative to precedent transactions, potentially attracting activists.</li>
</ul>



Future Corporation (4722 JP) announced a Chairman-led MBO at JPY2,451, a 2.9% premium to the last close of JPY2,382.  
The low takeover premium could be explained by the mysterious 65.13% share price surge from 24 June to 27 July. Also, the offer represents an all-time high. 
However, the offer is below the midpoint of the special committee's IFA DCF valuation range and is light relative to precedent transactions, potentially attracting activists.


Future Corp (4722 JP): A Chairman-Led MBO Could Invite Activism