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 (27 Apr) - Makino, Skyworth, ENN, Changhong Jiahua, Qoria, Qube, Emmerson

Makino Milling Machine (6135 JP): NSSK’s Rumoured Revised Offer Around JPY16,000

Weekly Deals Digest (28 Jun) - Makino, Shinko Shoji, Get Nice, Clearview, Ajinomoto, Anker, Momenta

Makino Milling Machine (6135 JP): Tender Delayed as the Case for a Bump Is Becoming Persuasive

Makino Milling Machine (6135 JP): Precedent Set as FEFTA Approval Is Rumoured to Be Not Forthcoming

Makino Milling Machine (6135 JP): Twin Headwinds as Chinese and US Approvals Secured

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Global Equity Research Ltd

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Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a> shares fell 8.8% after it confirmed the Nikkei report that the Japanese government has advised MBK to halt its acquisition on national security grounds.</li>
<li>However, after market close, the <a href="https://asia.nikkei.com/business/business-deals/japan-backed-nssk-to-seek-takeover-of-makino-milling-machine" target="_blank" rel="noopener">Nikkei reported</a> that Nippon Sangyo Suishin Kiko (NSSK), a Japanese investment company, plans to make a higher competing tender offer.</li>
<li>While the NSSK offer will be preconditional on regulatory approvals, it will not require FEFTA approval. I estimate the NSSK potential offer to be between JPY12,500 and JPY13,000.</li>
</ul>



Makino Milling Machine Co (6135 JP) shares fell 8.8% after it confirmed the Nikkei report that the Japanese government has advised MBK to halt its acquisition on national security grounds.
However, after market close, the Nikkei reported that Nippon Sangyo Suishin Kiko (NSSK), a Japanese investment company, plans to make a higher competing tender offer.
While the NSSK offer will be preconditional on regulatory approvals, it will not require FEFTA approval. I estimate the NSSK potential offer to be between JPY12,500 and JPY13,000.


Makino Milling Machine (6135 JP): A Rollercoaster Ride as NSSK Rumoured to Launch a Competing Bid