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

Merger Arb Mondays (09 Feb) - Mandom, MCJ, Toyota Ind, Raksul, IJM, Guocoland, Skyworth, ENN

Mandom (4917 JP): CVC Outbids and Outmanoeuvres KKR

Mandom (4917 JP): When You Thought It Was Done, KKR Emerges as a Competing Bidder

Mandom (4917 JP): KKR’s JPY3,100 Offer Could Force CVC to Walk

Mandom (4917 JP): A Big Win for Activists as CVC-Sponsored MBO Price Raised to JPY2,520

Uncompromised, Independent, Conflict-Free Research

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>CVC has increased its <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> offer by 3.2% to JPY2,600, a 16.1% discount to KKR’s potential JPY3,100 offer and 17.5% discount to the last close.</li>
<li>CVC marginally increased its offer price to extend the offer close from 29 January to 12 February, buying it time to judge if it can counter a potential KKR offer.</li>
<li>Despite the bump, CVC remains unlikely to match KKR’s terms. Today's lowered Mandom full-year guidance will make it incrementally harder for CVC to justify matching KKR’s terms.</li>
</ul>


CVC has increased its Mandom Corp (4917 JP) offer by 3.2% to JPY2,600, a 16.1% discount to KKR’s potential JPY3,100 offer and 17.5% discount to the last close.
CVC marginally increased its offer price to extend the offer close from 29 January to 12 February, buying it time to judge if it can counter a potential KKR offer.
Despite the bump, CVC remains unlikely to match KKR’s terms. Today's lowered Mandom full-year guidance will make it incrementally harder for CVC to justify matching KKR’s terms.


Mandom (4917 JP): CVC’s Minimal Bump to Buy It Time to Figure Out a Strategy to Counter KKR