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 (21 Sep) - Kadoya, Leopalace21, Kakaku, Skyworth, Z Fin, OFX, Peet, Cleanaway

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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

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<li>
<a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" data-smartkarma-citation="entities:8244:1" rel="noopener">Leopalace21 Corp (8848 JP)</a> announced a tender offer from a <a href="https://www.smartkarma.com/entities/hikari-tsushin-inc" target="_blank" data-smartkarma-citation="entities:4909:1" rel="noopener">Hikari Tsushin (9435 JP)</a>-led consortium at JPY1,000, a 44.7% premium to the last close.  </li>
<li>While the offer represents a 10-year high, it is materially below the midpoint of the IFA’s DCF valuation range and light compared to precedents. </li>
<li>The process is marred by poor governance, including the absence of an auction and an agreement on a share buyback price with unequal after-tax benefits. </li>
</ul>



Leopalace21 Corp (8848 JP) announced a tender offer from a Hikari Tsushin (9435 JP)-led consortium at JPY1,000, a 44.7% premium to the last close.  
While the offer represents a 10-year high, it is materially below the midpoint of the IFA’s DCF valuation range and light compared to precedents. 
The process is marred by poor governance, including the absence of an auction and an agreement on a share buyback price with unequal after-tax benefits. 


Japan Property Management Center (3276 JP)

Leopalace21 (8848 JP): Hikari Tsushin-Led Consortium’s Offer Is A Case Study for Poor Governance