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 (19 Jan) - IJM, Dongfeng, BioDlink, Makino, Toyota Ind, Mandom, Qube, Webjet

IJM Corp (IJM MK): Risk/Reward as Sunway’s EGM Set for 26 March

IJM Corp (IJM MK): Sunway Running Out of Options as Focus Shifts to the Back-End Valuation

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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/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm Corp Bhd (IJM MK)</a> disclosed a cash/scrip conditional voluntary offer from <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a> valued at RM3.15, a 14.5% premium to the last close price. </li>
<li>The offer is unattractive as the terms favour Sunway rather than IJM shareholders. The timing is opportunistic, given Sunway’s relative share-price strength vs. IJM. </li>
<li>The key conditions are Sunway shareholder approval and a 50% minimum acceptance condition. Despite an unattractive offer, both these conditions are low risk. </li>
</ul>



Ijm Corp Bhd (IJM MK) disclosed a cash/scrip conditional voluntary offer from Sunway Bhd (SWB MK) valued at RM3.15, a 14.5% premium to the last close price. 
The offer is unattractive as the terms favour Sunway rather than IJM shareholders. The timing is opportunistic, given Sunway’s relative share-price strength vs. IJM. 
The key conditions are Sunway shareholder approval and a 50% minimum acceptance condition. Despite an unattractive offer, both these conditions are low risk. 


IJM Corp (IJM MK): Sunway’s Cash/Scrip Conditional Voluntary Offer