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 (20 Sep) - Kakaku, Leopalace21, Kadoya, JPMC, Skyworth, Reliance, FleetPartners

Merger Arb Mondays (28 Sep) - Kakaku, Sankei RE, Kadoya, Leopalace, Goodbaby, Z Fin, Yinson, Peet

Kakaku.com (2371 JP): EQT/DG's JPY1 Bump Puts the Onus on Bain/LY to Go Big

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

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

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

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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/LY revised 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 to JPY3,597 (JPY3,720 for KDDI share buyback), 2.2% premium to the previous JPY3,520 offer but a 2.3% discount to EQT/DG’s JPY3,680 offer.</li>
<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 latest offer underwhelms and could backfire if <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI Corp (9433 JP)</a> and possibly Oasis decide to end this long-running saga by accepting the marginally lower EQT/DG<a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener"></a> offer.</li>
<li>While there remain arguments for continued escalation, the “winning” offer is unlikely to exceed the last close (JPY3,820). It's time to head for the exit. </li>
</ul>


Bain/LY revised their Kakaku.com Inc (2371 JP) offer to JPY3,597 (JPY3,720 for KDDI share buyback), 2.2% premium to the previous JPY3,520 offer but a 2.3% discount to EQT/DG’s JPY3,680 offer.
Bain/LY (4689 JP)’s latest offer underwhelms and could backfire if KDDI Corp (9433 JP) and possibly Oasis decide to end this long-running saga by accepting the marginally lower EQT/DG offer.
While there remain arguments for continued escalation, the “winning” offer is unlikely to exceed the last close (JPY3,820). It's time to head for the exit. 


Kakaku.com (2371 JP): Bain/LY’s Latest Offer Is Playing a Dangerous Game