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

Mandom (4917 JP): Countermeasures Ostensibly to Buy Time for a Higher Offer

Merger Arb Mondays (17 Nov) - Mandom, Paramount Bed, Maruwn, Paris Miki, Mayne, AUB, Genting

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

Mandom (4917 JP): A Light CVC-Sponsored Preconditional MBO

Mandom (4917 JP): Welcome Activism as Hibiki Takes Issue with the Price

Mandom (4917 JP): Two Is a Company as Murakami Joins the Fray

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Event-Driven

<ul>
<li>Murakami has amassed an 18.85% ownership ratio in <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a>. The average buy-in price of JPY2,157.78 per share is 10.1% above the JPY1,960 CVC-sponsored MBO.</li>
<li>Murakami’s ongoing stake building likely suggests that any potential discussions with CVC and the founding family to reinvest into BidCo have hit an impasse.  </li>
<li>CVC/Founding family can buy time by extending the 10 November close and disclosing additional irrevocables. Nevertheless, an offer bump remains more likely than not. </li>
</ul>


Murakami has amassed an 18.85% ownership ratio in Mandom Corp (4917 JP). The average buy-in price of JPY2,157.78 per share is 10.1% above the JPY1,960 CVC-sponsored MBO.
Murakami’s ongoing stake building likely suggests that any potential discussions with CVC and the founding family to reinvest into BidCo have hit an impasse.  
CVC/Founding family can buy time by extending the 10 November close and disclosing additional irrevocables. Nevertheless, an offer bump remains more likely than not. 


Mandom (4917 JP): Murakami Continues to Add