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

Weekly Deals Digest (01 Jun) - Makino, SBI Sumishin, Taiyo, ENN Energy, HKBN, Meilan, Foshan Haitian

Makino Milling Machine (6135 JP): MBK’s Preconditional Offer Is Not the Likely Endgame

MBK Partners Plans to Launch a Tender Offer for Makino Milling Machine

Makino Milling Machine (6135 JP): A White Knight Bidder Is Emerging

Makino Milling Machine (6135 JP): Proposes Countermeasures

Makino Milling Machine (6135 JP): Nidec Launches Its Offer

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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

<ul>
<li>In response to a <a href="https://asia.nikkei.com/Business/Business-deals/Asian-private-equity-firm-MBK-wins-first-negotiation-rights-for-Makino" target="_blank" rel="noopener">Nikkei</a> article, <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> confirmed it had received a legally binding acquisition proposal from MBK Partners. </li>
<li>The price is expected to exceed <a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec Corp (6594 JP)</a> JPY11,000 hostile offer. On 8 May, Nidec withdrew its offer due to the Board’s proposed countermeasures. </li>
<li>My analysis suggests that MBK’s white knight bid could be JPY11,677 per share, 13.7% higher than the last close price of JPY10,270.</li>
</ul>


In response to a Nikkei article, Makino Milling Machine Co (6135 JP) confirmed it had received a legally binding acquisition proposal from MBK Partners. 
The price is expected to exceed Nidec Corp (6594 JP) JPY11,000 hostile offer. On 8 May, Nidec withdrew its offer due to the Board’s proposed countermeasures. 
My analysis suggests that MBK’s white knight bid could be JPY11,677 per share, 13.7% higher than the last close price of JPY10,270.


Makino Milling Machine (6135 JP): Relief as a White Knight Bidder Surfaces