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

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>
<a href="https://www.smartkarma.com/entities/kodensha-co-ltd-the" target="_blank" data-smartkarma-citation="entities:2741:1" rel="noopener">Kodensha Co (1948 JP)</a> announced a tender offer from <a href="https://www.smartkarma.com/entities/kinden-corp" target="_blank" data-smartkarma-citation="entities:20620:1" rel="noopener">Kinden Corp (1944 JP)</a> at JPY11,501, a 50.3% premium to the last close and a 198% premium to the undisturbed price.  </li>
<li>The offer is attractive due to the high takeover premium, which represents an all-time high and is materially above the high end of the target IFA DCF valuation range.</li>
<li>While <a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a>'s irrevocable has a competing-offer clause, a higher offer is unlikely, as Kinden’s offer was the highest at the auction. This is a done deal.</li>
</ul>



Kodensha Co (1948 JP) announced a tender offer from Kinden Corp (1944 JP) at JPY11,501, a 50.3% premium to the last close and a 198% premium to the undisturbed price.  
The offer is attractive due to the high takeover premium, which represents an all-time high and is materially above the high end of the target IFA DCF valuation range.
While Mitsubishi Electric (6503 JP)'s irrevocable has a competing-offer clause, a higher offer is unlikely, as Kinden’s offer was the highest at the auction. This is a done deal.


Kodensha (1948 JP): Kinden (1944 JP)’s Knockout Tender Offer