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

Hisamitsu Pharma (4530 JP): Risk/Reward as Shares Trade Through Terms

Taisho Pharmaceutical (4581 JP): MBO Tender Offer at JPY8,620

Hisamitsu Pharma (4530 JP): MBO at JPY6,082

Hisamitsu Pharma (4530 JP): An Imminent MBO at a Rumoured JPY450 Billion Valuation

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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

Kobayashi Pharmaceutical Co / Event-Driven

<ul>
<li>CVC and NSSK are reportedly proposing a buyout of <a href="https://www.smartkarma.com/entities/kobayashi-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:14930:1" rel="noopener">Kobayashi Pharmaceutical Co (4967 JP)</a> worth over JPY500bn, possibly with the founding family. That implies JPY6,406 a share, a 9% premium.</li>
<li>While the offer appears attractive relative to precedent and peer multiples, Oasis, the largest shareholder, is unlikely to back it.</li>
<li>At the rumoured offer, Oasis will get a 17% return on its average cost, which is modest. The Taisho privatisation precedent suggests Oasis will push for a higher offer. </li>
</ul>


CVC and NSSK are reportedly proposing a buyout of Kobayashi Pharmaceutical Co (4967 JP) worth over JPY500bn, possibly with the founding family. That implies JPY6,406 a share, a 9% premium.
While the offer appears attractive relative to precedent and peer multiples, Oasis, the largest shareholder, is unlikely to back it.
At the rumoured offer, Oasis will get a 17% return on its average cost, which is modest. The Taisho privatisation precedent suggests Oasis will push for a higher offer. 


Kobayashi Pharma (4967 JP): CVC/NSSK Buyout Rumour Faces an Oasis Hurdle