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 (07 Sep) - Pacific Industrial, Ashimori, Shibaura, Kangji Medical, Chery, Hesai

Pacific Industrial (7250 JP): Limited Upside as Effissimo Continues to Add

Pacific Industrial (7250 JP): The Wow Factor as MBO Bumped by 42% to JPY2,919

Pacific Industrial (7250 JP): MBO at JPY2,050 Is Light but Likely Done

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>Effissimo reported a 5.87% ownership ratio in <a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a>. The average buy-in price of JPY2,235.91 per share is 9.1% above the JPY2,050 MBO offer.</li>
<li>Effissimo buying significantly above terms is justifiable as the offer implied a P/B of 0.71x. Effissimo is agitating for either a bump or an opportunity to participate in the back-end.</li>
<li>With the offer closing on 8 September and shares trading 16.9% above terms, the Ogawas have little choice but to revise terms.</li>
</ul>


Effissimo reported a 5.87% ownership ratio in Pacific Industrial (7250 JP). The average buy-in price of JPY2,235.91 per share is 9.1% above the JPY2,050 MBO offer.
Effissimo buying significantly above terms is justifiable as the offer implied a P/B of 0.71x. Effissimo is agitating for either a bump or an opportunity to participate in the back-end.
With the offer closing on 8 September and shares trading 16.9% above terms, the Ogawas have little choice but to revise terms.


Pacific Industrial (7250 JP): Effissimo Rears Its Head