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 (02 Mar) - Dongfeng, ENN, Bluescope, Humm, ClearView, Toho Titanium, Sankei, IJM

Itochu-Shokuhin (2692 JP): Itochu Likely to Shrug off Sapphireterra’s Privatisation Call

Mitsubishi Shokuhin (7451 JP): MitCorp (8058 JP) Light Tender Offer at JPY6,340

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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/itochu-shokuhin-co-ltd" target="_blank" data-smartkarma-citation="entities:14985:1" rel="noopener">Itochu Shokuhin (2692 JP)</a> has recommended an offer from <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> at JPY13,000, a 3.6% premium to last close and a 39.8% premium to the undisturbed price (13 November).</li>
<li>While the offer represents an all-time high, it is light compared to precedent transactions, Sapphireterra’s fair value and below the midpoint of the special committee IFA DCF valuation range.</li>
<li>However, tendering by crossholders and a few retail holders will satisfy the minimum (14.20% ownership ratio). Therefore, this is a done deal.</li>
</ul>



Itochu Shokuhin (2692 JP) has recommended an offer from Itochu Corp (8001 JP) at JPY13,000, a 3.6% premium to last close and a 39.8% premium to the undisturbed price (13 November).
While the offer represents an all-time high, it is light compared to precedent transactions, Sapphireterra’s fair value and below the midpoint of the special committee IFA DCF valuation range.
However, tendering by crossholders and a few retail holders will satisfy the minimum (14.20% ownership ratio). Therefore, this is a done deal.


Itochu-Shokuhin (2692 JP): Itochu (8001 JP)’s Tender Offer Is Light but Done