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 (06 Jul) - Kakaku, Taiyo, Shinko Shoji, Arclands, Qoria, Steadfast, Dida

Kakaku.com (2371 JP): Rethinking the Arb Trade

Digital Garage (4819 JP): Cheap, but Not Cheerful

Kakaku.com (2371 JP): Digital Garage Moves to Thwart Bain/LY

Kakaku.com (2371 JP): Pass the Popcorn as EQT Launches a Tender Offer

Kakaku.com (2371 JP): How High Can It Go as Bain/LY Ups the Ante?

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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>Bain/<a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a>’s preconditional binding offer for <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> is at JPY3,384, a 12.8% premium to EQT’s JPY3,000 offer. If KDDI provides an irrevocable, it is JPY3,500.</li>
<li>Bain/LY expect the Board to decide whether to recommend the proposal around mid-to-late July. The Bain/LY offer will automatically trigger a 10-day extension of the EQT offer.</li>
<li>The probability of a bidding war is low, as the Bain/LY offer represents an all-time high and EQT lacks a strong partner to support one. </li>
</ul>


Bain/LY (4689 JP)’s preconditional binding offer for Kakaku.com Inc (2371 JP) is at JPY3,384, a 12.8% premium to EQT’s JPY3,000 offer. If KDDI provides an irrevocable, it is JPY3,500.
Bain/LY expect the Board to decide whether to recommend the proposal around mid-to-late July. The Bain/LY offer will automatically trigger a 10-day extension of the EQT offer.
The probability of a bidding war is low, as the Bain/LY offer represents an all-time high and EQT lacks a strong partner to support one. 


Kakaku.com (2371 JP): Bain/LY’s Binding Offer May Get the Job Done