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

JPMC (3276 JP): Sunrise Capital-Sponsored MBO at JPY2,250

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Global Equity Research Ltd

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Event-Driven

Japan Property Management Center / Event-Driven

Japan Property Management Center (3276 JP)

<ul>
<li>Ahead of the first close, Sunrise Capital increased its <a href="https://www.smartkarma.com/entities/japan-property-management-center" target="_blank" data-smartkarma-citation="entities:20501:1" rel="noopener">Japan Property Management Center (3276 JP)</a> offer by 0.9% from JPY2,250 to JPY2,270. The closing date is 5 October.</li>
<li>The price increase was funded by <a href="https://www.smartkarma.com/entities/hikari-tsushin-inc" target="_blank" data-smartkarma-citation="entities:4909:1" rel="noopener">Hikari Tsushin (9435 JP)</a> agreeing to a share buyback. It also has the added benefit of locking in additional support for the offer.</li>
<li>Overall, the revised terms do not reflect an offer struggling to complete but good governance in securing better (even if modest) terms for minorities. </li>
</ul>


Ahead of the first close, Sunrise Capital increased its Japan Property Management Center (3276 JP) offer by 0.9% from JPY2,250 to JPY2,270. The closing date is 5 October.
The price increase was funded by Hikari Tsushin (9435 JP) agreeing to a share buyback. It also has the added benefit of locking in additional support for the offer.
Overall, the revised terms do not reflect an offer struggling to complete but good governance in securing better (even if modest) terms for minorities. 


JPMC (3276 JP): Sunrise Capital’s Marginal Bump Funded by Hikari Tsushin Agreeing to a Share Buyback