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

Merger Arb Mondays (05 Oct) - Kadoya, Kakaku, Leopalace21, Taiyo, Ingenia, Peet, OFX, Cleanaway

Kadoya (2612 JP): Evaluating a Potential Privatisation

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

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Event-Driven

<ul>
<li>
<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> announced a tender offer from <a href="https://www.smartkarma.com/entities/integral-corp" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral (5842 JP)</a> at JPY2,514, a 3.9% premium to the last close and a 40.2% premium to the undisturbed price.</li>
<li>The offer could increase to JPY2,760 if both <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a> and <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> agree to share buybacks. Two competing bidders remain in the background.</li>
<li>Mitsubishi and Mitsui’s deliberately deferred, non-committal stance facilitates a potentially higher competing bid, particularly as the offer is below the midpoint of the IFA DCF valuation range.</li>
</ul>



Kadoya Sesame Mills (2612 JP) announced a tender offer from Integral (5842 JP) at JPY2,514, a 3.9% premium to the last close and a 40.2% premium to the undisturbed price.
The offer could increase to JPY2,760 if both Mitsubishi Corp (8058 JP) and Mitsui &amp; Co Ltd (8031 JP) agree to share buybacks. Two competing bidders remain in the background.
Mitsubishi and Mitsui’s deliberately deferred, non-committal stance facilitates a potentially higher competing bid, particularly as the offer is below the midpoint of the IFA DCF valuation range.


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