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

Sankei Real Estate (2972 JP): Murakami Revives the Tosei/GIC’s Failed Tender on Weaker Terms

Merger Arb Mondays (28 Sep) - Kakaku, Sankei RE, Kadoya, Leopalace, Goodbaby, Z Fin, Yinson, Peet

Sankei Real Estate (2972 JP): A Dividend-Led Bump Just Buys Time, but Works No Miracles

Sankei Real Estate (2972 JP): Murakami Entities Throw a Spanner in the Works

Sankei Real Estate (2972 JP): Murakami's Renewed Buying Increases the Odds of a Bump

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tosei-corp" target="_blank" data-smartkarma-citation="entities:11224:1" rel="noopener">Tosei Corp (8923 JP)</a>/GIC is attempting to use the Bain/MCJ playbook by indicating that the <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> price and closing date (18 May) are final.</li>
<li>However, Tosei/GIC is unlikely to repeat Bain’s success, particularly given that Murakami entities' <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Y0OC.pdf?sv=2020-08-04&amp;st=2026-04-28T09%3A11%3A01Z&amp;se=2031-04-28T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=dRr7qkyot7Db97XXxgZ%2FRKDxL0E61ARlUt28huvjxkY%3D" target="_blank" rel="noopener">filing today</a> shows that its ownership increased to 22.75%. </li>
<li>It is likely the tender will fail. Murakami is likely looking to initiate an auction for all or part of Sankei RE post-deal break, replicating the FMH real estate auction.</li>
</ul>



Tosei Corp (8923 JP)/GIC is attempting to use the Bain/MCJ playbook by indicating that the Sankei Real Estate (2972 JP) price and closing date (18 May) are final.
However, Tosei/GIC is unlikely to repeat Bain’s success, particularly given that Murakami entities' filing today shows that its ownership increased to 22.75%. 
It is likely the tender will fail. Murakami is likely looking to initiate an auction for all or part of Sankei RE post-deal break, replicating the FMH real estate auction.


Sankei Real Estate (2972 JP): Murakami Adds as Tosei/GIC Goes for Broke