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 (30 Aug) - Kakaku, Dentsu Soken, Seed, Carnaby, Peet, Suncorp, OUE, Shein

Merger Arb Mondays (31 Aug) - Dentsu Soken, Kakaku, EQT, Cleanaway, OFX, Reliance, Carnaby, Atlantic

Kakaku.com (2371 JP): No Messing Around as EQT/DG Goes with a JPY3,680 Offer

Kakaku.com (2371 JP): More to Go as Bain/LY Return with a Revised Offer

Kakaku.com (2371 JP): EQT/DG Again Outbids Bain/LY

Uncompromised, Independent, Conflict-Free Research

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>Bain/<a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a> have kept their <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> offer unchanged and have decided to wait for the EQT/<a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> offer to close, convinced that it will fail. </li>
<li>Minorities have a free option on the higher Bain/LY offer. In the worst case, the EQT/DG offer succeeds, and in the best-case, it fails, and minorities get the Bain/LY offer.</li>
<li>The success of the EQT/DG offer relies heavily on KDDI's support, which remains uncertain. It is very likely that EQT/DG will at least match Bain/LY’s JPY3,640 offer. </li>
</ul>


Bain/LY (4689 JP) have kept their Kakaku.com Inc (2371 JP) offer unchanged and have decided to wait for the EQT/Digital Garage (4819 JP) offer to close, convinced that it will fail. 
Minorities have a free option on the higher Bain/LY offer. In the worst case, the EQT/DG offer succeeds, and in the best-case, it fails, and minorities get the Bain/LY offer.
The success of the EQT/DG offer relies heavily on KDDI's support, which remains uncertain. It is very likely that EQT/DG will at least match Bain/LY’s JPY3,640 offer. 


Kakaku.com (2371 JP): Bain/LY Hold Firm as EQT/DG Face a Dilemma