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 (04 Oct) - Nikkon, BASE, Kakaku, PHC, Sankei RE, Northern Star, Ingenia

NIKKON Holdings (9072 JP): Two Bidders in the Second Round with Suggestions of a Takeunder

NIKKON Holdings (9072 JP): Thoughts on a Potential Privatisation Offer

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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/nikkon-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:17346:1" rel="noopener">Nikkon Holdings (9072 JP)</a>'s take-private auction has gone quiet. Today's 13% share-price drop suggests a bidder has walked away or that activists are blocking the deal.</li>
<li>With no publicly available news to explain the fall, the key issue may be that bidders cannot finance an offer meeting the activists’ asking price.</li>
<li>Downside if the deal breaks: The base case is flat to −7% (JPY4,150–4,570) from JPY4,459. The bear case, −18% to −26%, would need an activist exit or weak results.</li>
</ul>



Nikkon Holdings (9072 JP)'s take-private auction has gone quiet. Today's 13% share-price drop suggests a bidder has walked away or that activists are blocking the deal.
With no publicly available news to explain the fall, the key issue may be that bidders cannot finance an offer meeting the activists’ asking price.
Downside if the deal breaks: The base case is flat to −7% (JPY4,150–4,570) from JPY4,459. The bear case, −18% to −26%, would need an activist exit or weak results.


Chilled & Frozen Logistics Holdings (9099 JP)

NIKKON Holdings (9072 JP): Sell-Off Signals a Stalled Auction, but Downside Looks Limited