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

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

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

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

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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

<ul>
<li>Murakami's City Index Fifth has launched a JPY125,000-per-unit tender (a 16.6% premium to the last close) for <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>. That matches Tosei/GIC's failed offer, which Murakami blocked.</li>
<li>Murakami’s terms are weaker than Tosei/GIC: 1.10x P/NAV versus 1.15x, no price negotiation, a neutral board, no majority-of-minority condition and a vaguer commitment on rival bids.</li>
<li>The squeeze-out vote relies on low turnout and passives. However, the 25.42% minimum looks reachable (24.66% tendered last time, plus 10.32% irrevocables). </li>
</ul>


Murakami's City Index Fifth has launched a JPY125,000-per-unit tender (a 16.6% premium to the last close) for Sankei Real Estate (2972 JP). That matches Tosei/GIC's failed offer, which Murakami blocked.
Murakami’s terms are weaker than Tosei/GIC: 1.10x P/NAV versus 1.15x, no price negotiation, a neutral board, no majority-of-minority condition and a vaguer commitment on rival bids.
The squeeze-out vote relies on low turnout and passives. However, the 25.42% minimum looks reachable (24.66% tendered last time, plus 10.32% irrevocables). 


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