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

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>
<a href="https://www.smartkarma.com/entities/nippon-road-co-ltd" target="_blank" data-smartkarma-citation="entities:12581:1" rel="noopener">Nippon Road (1884 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/shimizu-corp" target="_blank" data-smartkarma-citation="entities:8530:1" rel="noopener">Shimizu Corp (1803 JP)</a> at JPY2,520, a 16.2% premium to the undisturbed price.</li>
<li>The offer represents an all-time high and is 26.0% higher than the 2022 partial tender offer price. However, it is light compared to peer multiples.</li>
<li>The offer is below the midpoint of the target IFA DCF valuation range. However, the required minority acceptance rate is not onerous, and this is a done deal. </li>
</ul>



Nippon Road (1884 JP) has recommended a tender offer from Shimizu Corp (1803 JP) at JPY2,520, a 16.2% premium to the undisturbed price.
The offer represents an all-time high and is 26.0% higher than the 2022 partial tender offer price. However, it is light compared to peer multiples.
The offer is below the midpoint of the target IFA DCF valuation range. However, the required minority acceptance rate is not onerous, and this is a done deal. 


Nippon Road (1884 JP): Shimizu Corp (1803 JP) Tender Offer Is Light but Likely Done