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 (04 Aug) - Santos, Joy City, HKBN, Krosaki Harima, Fujitec, Smart Share

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Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/krosaki-harima-corp" target="_blank" data-smartkarma-citation="entities:18889:1" rel="noopener">Krosaki Harima (5352 JP)</a> has recommended a preconditional tender offer from <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a>, the parent, at JPY4,200, a 21.7% premium to the last close price of JPY3,450.</li>
<li>The offer is attractive as it represents an all-time high and is above the mid-point of the special committee IFA DCF valuation range.</li>
<li>The precondition relates to regulatory approvals in Japan and India. The tender offer is expected to start in early February 2026. This is a done deal.</li>
</ul>



Krosaki Harima (5352 JP) has recommended a preconditional tender offer from Nippon Steel Corporation (5401 JP), the parent, at JPY4,200, a 21.7% premium to the last close price of JPY3,450.
The offer is attractive as it represents an all-time high and is above the mid-point of the special committee IFA DCF valuation range.
The precondition relates to regulatory approvals in Japan and India. The tender offer is expected to start in early February 2026. This is a done deal.


Krosaki Harima (5352 JP): Nippon Steel’s Preconditional Tender Offer at JPY4,200