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 (22 Mar) - VOYAH, Dongfeng, MCJ, Itochu Shokuhin, Insignia, Pepper Money, IJM

Weekly Deals Digest (29 Mar) - MCJ, Gunma, Nippon Sheet, Solasto, Sankei, ENN, Qoria, IJM, Yinson

MCJ (6670 JP): Bain Moves to Deflate Expectations of a Bump

MCJ (6670 JP): Bain-Sponsored MBO at JPY2,200

MCJ (6670 JP): Risk/Reward as Shares Trade Through Terms

MCJ (6670 JP): Ascender Capital Sets an Activist Campaign in Motion

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>Last night, Maven <a href="https://www.businesswire.com/news/home/20260318221306/en/Maven-Publishes-Letter-on-Bain-Sponsored-Management-Buyout-Offer-for-MCJ---Highlighting-Significant-Undervaluation-and-Governance-Concerns" target="_blank" rel="noopener">issued a letter</a> regarding the unfair terms of the Bain-sponsored MBO for <a href="https://www.smartkarma.com/entities/mcj-co-ltd" target="_blank" data-smartkarma-citation="entities:14132:1" rel="noopener">MCJ Co Ltd (6670 JP)</a>. Maven has a stake of close to 3%.</li>
<li>Largely in line with Ascender’s view, Maven highlights six issues with the MBO. Maven estimates the intrinsic value at JPY2,800. Most of Maven’s criticisms are valid.</li>
<li>Despite Maven joining the cause, the probability of a bump remains low as no activist is a 5%+ shareholder, the Board has declined to engage, and the timing is strange. </li>
</ul>


Last night, Maven issued a letter regarding the unfair terms of the Bain-sponsored MBO for MCJ Co Ltd (6670 JP). Maven has a stake of close to 3%.
Largely in line with Ascender’s view, Maven highlights six issues with the MBO. Maven estimates the intrinsic value at JPY2,800. Most of Maven’s criticisms are valid.
Despite Maven joining the cause, the probability of a bump remains low as no activist is a 5%+ shareholder, the Board has declined to engage, and the timing is strange. 


MCJ (6670 JP): Maven Belatedly Joins Ascender’s Activism Cause