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

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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

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<li>
<a href="https://www.smartkarma.com/entities/riso-kyoiku-co-ltd" target="_blank" data-smartkarma-citation="entities:20848:1" rel="noopener">Riso Kyoiku (4714 JP)</a> announced a tender offer from <a href="https://www.smartkarma.com/entities/hulic-co-ltd" target="_blank" data-smartkarma-citation="entities:388:1" rel="noopener">Hulic Co Ltd (3003 JP)</a> at JPY295, a 37.2% premium to the last close of JPY215.</li>
<li>The offer is light, as it is below Hulic's 2024 offer and its IFA DCF midpoint. There was also no market check, and the committee's adviser is a related party.</li>
<li>However, the offer looks attractive as it is above the target IFA’s DCF midpoint and well above peer multiples. Completion looks likely, as only 22.2% of minorities need to tender.</li>
</ul>



Riso Kyoiku (4714 JP) announced a tender offer from Hulic Co Ltd (3003 JP) at JPY295, a 37.2% premium to the last close of JPY215.
The offer is light, as it is below Hulic's 2024 offer and its IFA DCF midpoint. There was also no market check, and the committee's adviser is a related party.
However, the offer looks attractive as it is above the target IFA’s DCF midpoint and well above peer multiples. Completion looks likely, as only 22.2% of minorities need to tender.


Riso Kyoiku (4714 JP): Weak Process, but Hulic’s JPY295 Offer Will Succeed