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

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

Weekly Deals Digest (26 Oct) - Digital Holdings, Soft99, Joy City, Minmetals, Sany, Seres, Pony AI

Merger Arb Mondays (27 Oct) - Dongfeng, ENN, Joy City, Minmetals, Soft99, Ashimori, Pacific Ind

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

Pacific Industrial (7250 JP): Effissimo Rears Its Head

Soft99 Corp (4464 JP): Effissimo Sheds More Light on Its Hostile Offer

Soft99 Corp (4464 JP): Shock and Awe as Effissimo Emerges with a Competing Offer

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>Effissimo has steadily increased its <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> stake to 7.0 million shares or a 12.17% ownership ratio. The most recent purchases were at an average price of JPY2,616.08. </li>
<li>Effissimo is taking contrasting approaches to low-ball MBOs. For <a href="https://www.smartkarma.com/entities/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 Corp (4464 JP)</a>, Effissimo has launched a hostile offer, while for Pacific, Effissimo has chosen to agitate for better terms.</li>
<li>The offer closes on 24 September. While a bump is the most likely scenario, the share price is 30% higher than the offer price, suggesting limited upside. Take profits. </li>
</ul>


Effissimo has steadily increased its Pacific Industrial (7250 JP) stake to 7.0 million shares or a 12.17% ownership ratio. The most recent purchases were at an average price of JPY2,616.08. 
Effissimo is taking contrasting approaches to low-ball MBOs. For Soft99 Corp (4464 JP), Effissimo has launched a hostile offer, while for Pacific, Effissimo has chosen to agitate for better terms.
The offer closes on 24 September. While a bump is the most likely scenario, the share price is 30% higher than the offer price, suggesting limited upside. Take profits. 


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