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 (22 Feb) - MCJ, AJIS, Sankei RE, Raksul, Bluescope, Qube, Magnetic, Paypay

Raksul (4384 JP): GS-Sponsored MBO at JPY1,710

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul Inc (4384 JP)</a> announced that the <a href="https://www.smartkarma.com/entities/goldman-sachs-group-inc" target="_blank" data-smartkarma-citation="entities:785:1" rel="noopener">Goldman Sachs Group (GS US)</a>-sponsored MBO price has increased by 11.1% from JPY1,710 to JPY1,900. The offer is final. </li>
<li>Aspex Management, which holds a 4.47% ownership stake, will tender and reinvest into a GS entity. However, the revised offer is below the recent purchases made by Keyrock and MY.Alpha.</li>
<li>GS is continuing discussions with certain institutional investors (one or more of Baillie, Keyrock, MY.Alpha) to likely follow Aspex’s lead, suggesting a divide-and-conquer strategy. </li>
</ul>



Raksul Inc (4384 JP) announced that the Goldman Sachs Group (GS US)-sponsored MBO price has increased by 11.1% from JPY1,710 to JPY1,900. The offer is final. 
Aspex Management, which holds a 4.47% ownership stake, will tender and reinvest into a GS entity. However, the revised offer is below the recent purchases made by Keyrock and MY.Alpha.
GS is continuing discussions with certain institutional investors (one or more of Baillie, Keyrock, MY.Alpha) to likely follow Aspex’s lead, suggesting a divide-and-conquer strategy. 


Raksul (4384 JP): The Success of the Final Offer Hinges on a Divide and Conquer Strategy