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

Merger Arb Mondays (23 Feb) - Toyota Ind, MCJ, Raksul, Sankei, AJIS, Skyworth, Humm, Bluescope, Qube

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

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

Sankei Real Estate (2972 JP): Tosei/GIC Tender Offer at JPY125,000

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>Murakami entities <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XH9L.pdf?sv=2020-08-04&amp;st=2026-01-26T09%3A52%3A14Z&amp;se=2031-01-27T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=oidpBj9wAhH%2Bb2ias1TVYblZBMacV1Ye4J4vAPfa1xA%3D" target="_blank" rel="noopener">reported</a> an 8.79% ownership ratio in <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>. The average buy-in price of JPY125,022.88 per share, in line with Tosei/GIC’s JPY125,000 tender offer.</li>
<li>Murakami’s appearance is surprising, as the offer seems reasonable. Murakami is likely taking issue with Tosei/GIC relying on passives to pass the EGM vote and IFA’s assumptions.  </li>
<li>The high volume traded at or above the offer suggests a bump is inevitable. A 10% bump to Murakami's average cost per share suggests a revised offer of JPY137,500.</li>
</ul>


Murakami entities reported an 8.79% ownership ratio in Sankei Real Estate (2972 JP). The average buy-in price of JPY125,022.88 per share, in line with Tosei/GIC’s JPY125,000 tender offer.
Murakami’s appearance is surprising, as the offer seems reasonable. Murakami is likely taking issue with Tosei/GIC relying on passives to pass the EGM vote and IFA’s assumptions.  
The high volume traded at or above the offer suggests a bump is inevitable. A 10% bump to Murakami's average cost per share suggests a revised offer of JPY137,500.


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