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 (06 Sep) - Nikkon, Kadoya, Ichibanya, Con Aero, Ausgold, Longsys, Ligent, GCash

Kadoya (2612 JP): Integral's Unconventional Offer With Competing Bidders Lurking

Merger Arb Mondays (21 Sep) - Kadoya, Leopalace21, Kakaku, Skyworth, Z Fin, OFX, Peet, Cleanaway

Primer: Kadoya Sesame Mills (2612 JP) - Aug 2026

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Event-Driven

<ul>
<li>Mergermarket and <a href="https://www.nikkei.com/article/DGXZQOUC020E60S6A900C2000000/" target="_blank" rel="noopener">Nikkei</a> reported that <a href="https://www.smartkarma.com/entities/kadoya-sesame-mills-inc" target="_blank" data-smartkarma-citation="entities:10367:1" rel="noopener">Kadoya Sesame Mills (2612 JP)</a> is considering taking its shares private to enhance its corporate value in the medium- to long-term.</li>
<li>The likely offer structure is a <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a>-led TOB to gain strategic control (distribution exclusivity, supply-chain integration). <a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" data-smartkarma-citation="entities:20799:1" rel="noopener">Mitsui &amp; Co Ltd (8031 JP)</a> is likely to exit. </li>
<li>Kadoya has materially outperformed its peers over the past 12 months, thereby capping the takeover premium. I estimate an offer of JPY1,950 to JPY2,510.</li>
</ul>


Mergermarket and Nikkei reported that Kadoya Sesame Mills (2612 JP) is considering taking its shares private to enhance its corporate value in the medium- to long-term.
The likely offer structure is a Mitsubishi Corp (8058 JP)-led TOB to gain strategic control (distribution exclusivity, supply-chain integration). Mitsui &amp; Co Ltd (8031 JP) is likely to exit. 
Kadoya has materially outperformed its peers over the past 12 months, thereby capping the takeover premium. I estimate an offer of JPY1,950 to JPY2,510.


Kadoya (2612 JP): Evaluating a Potential Privatisation