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

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

Weekly Deals Digest (17 May) - Kakaku, Paltac, Nippon Dry Chem, Shinko Shoji, Baoye, ENN, OOh!Media

Merger Arb Mondays (25 May) - Kakaku, Nippon Dry Chem, Skyworth, Changhong Jiahua, Shengmu, Qoria

Kakaku.com (2371 JP): Thoughts on a Potential EQT Privatisation Offer

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>
<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> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/eqt-ab" target="_blank" data-smartkarma-citation="entities:28922:1" rel="noopener">EQT (EQT SS)</a> at JPY3,000, a 2.6% premium to the last close and a 41.4% premium to the undisturbed price of JPY2,121. </li>
<li>At first glance, the offer is attractive compared to historical trading ranges and IFA peer multiples, and it is above the midpoint of the IFA DCF valuation range.</li>
<li>The conspicuous lack of Oasis’s support, the absence of an auction despite a Bain/LY bid, reliance on passives' vote and irrevocables with competing offer clauses suggest a bump is probable.  </li>
</ul>



Kakaku.com Inc (2371 JP) has recommended a tender offer from EQT (EQT SS) at JPY3,000, a 2.6% premium to the last close and a 41.4% premium to the undisturbed price of JPY2,121. 
At first glance, the offer is attractive compared to historical trading ranges and IFA peer multiples, and it is above the midpoint of the IFA DCF valuation range.
The conspicuous lack of Oasis’s support, the absence of an auction despite a Bain/LY bid, reliance on passives' vote and irrevocables with competing offer clauses suggest a bump is probable.  


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