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 (02 Feb) - Dongfeng, ENN, Toyota Ind, Raksul, Sankei, Mandom, IJM, Webjet, Qube

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

Weekly Deals Digest (19 Apr) - Makino, Arclands, Makino, Sankei, Evergrande, Monash, Victory Giant

Makino Milling Machine (6135 JP): Tender Offer Risk/Reward

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

Makino Milling Machine (6135 JP): Progress Update While Mixed, Should Calm Nerves

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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>
<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> has announced that MBK has secured the two highest risk approvals (US CFIUS and China SAMR). </li>
<li>The remaining approval (Japan) should be obtained by mid-February. However, the offer must now contend with twin headwinds of a bull market and upgraded guidance. </li>
<li>While MBK’s improving deal economics support a bump, several mitigating factors (such as deal fatigue and no competing bid) suggest a low probability of a bump.   </li>
</ul>



Makino Milling Machine Co (6135 JP) has announced that MBK has secured the two highest risk approvals (US CFIUS and China SAMR). 
The remaining approval (Japan) should be obtained by mid-February. However, the offer must now contend with twin headwinds of a bull market and upgraded guidance. 
While MBK’s improving deal economics support a bump, several mitigating factors (such as deal fatigue and no competing bid) suggest a low probability of a bump.   


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