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

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

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-Sponsored MBO at JPY2,200

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

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>Since announcing the offer, <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>’s shares have consistently traded above the Bain-sponsored MBO offer of JPY2,200. The offer closes on 24 March. </li>
<li>On 16 February, Ascender Capital <a href="https://onedrive.live.com/?redeem=aHR0cHM6Ly8xZHJ2Lm1zL2IvYy83OWRiY2U2MzllMGVhMjY2L0lRQXFhaXItRGdQVFE3T21WVFlmZGVjREFWRHczbnM5TloyRmJqb2loamY2QThBP2U9TXA5djFk&amp;cid=79DBCE639E0EA266&amp;id=79DBCE639E0EA266%21sfe2a6a2a030e43d3b3a655361f75e703&amp;parId=79DBCE639E0EA266%21s52e69e76ff9946efbf1b4dc36d3cca83&amp;o=OneUp" target="_blank" rel="noopener">raised concerns</a> about the process and sought better terms. However, Ascender has failed to increase its stake above the 5% substantial shareholder threshold. </li>
<li>This is a done deal, as no activist has emerged as a substantial shareholder, peers have marginally re-rated, the EGM record date has been set, and FMR has sold out.   </li>
</ul>


Since announcing the offer, MCJ Co Ltd (6670 JP)’s shares have consistently traded above the Bain-sponsored MBO offer of JPY2,200. The offer closes on 24 March. 
On 16 February, Ascender Capital raised concerns about the process and sought better terms. However, Ascender has failed to increase its stake above the 5% substantial shareholder threshold. 
This is a done deal, as no activist has emerged as a substantial shareholder, peers have marginally re-rated, the EGM record date has been set, and FMR has sold out.   


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