Last Week in Event SPACE: Nuflare, LINE/Z Holdings, Unizo, Parco, Just Eat, DouYu

Last Week in Event SPACE ...

• It does not seem impossible for Toshiba Corp (6502 JP) to raise its offer for Nuflare Technology (6256 JP), but the company is in the driver’s seat and is unlikely to take the altruistic route.
• The Tender Offer for LINE Corp (3938 JP) is a VERY good deal for Naver Corp (035420 KS) and a decent deal for Softbank Corp (9434 JP), executed to the net detriment (in terms of significant earnings dilution and loss of control) of Z Holdings (4689 JP) minority shareholders.
• We have a "friendly" deal from Lone Star for Unizo Holdings (3258 JP), which gets shareholders out of their shares at a 150+% premium to the July undisturbed price. That is something of a success. But it has issues.
• A long-awaited deal at a decent premium and all-time high - there is no risk the transaction for Parco Co Ltd (8251 JP) doesn't go through.
• It is difficult to tell whether Prosus (PRX NA) played itself or whether it acted in a disciplined manner for Just Eat PLC (JE/ LN). Takeaway.com NV (TKWY NA) probably wins this battle at any place better than 95% of the Prosus bid.
• Five months after its IPO - one priced at the low-end of the range - Douyu International Holdings (DOYU US) oddly announces a buyback.
• Plus, other events, CCASS movements and Mood Spins.

(This insight covers specific insights & comments involving Stubs, Pairs, Arbitrage, share Classifications, and Events - or SPACE - in the past week)