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 (25 Aug) - Dongfeng, ENN Energy, Shibaura, Santos, Lynch, Smart Share

Shibaura Electronics (6957 JP): Yageo Poised to Secure FEFTA Approval

Shibaura Electronics (6590 JP) – Takeover Battle: Minebea Certainty Vs. YAGEO Premium

Shibaura Electronics (6957 JP): Core Designation Does Not Change Yageo’s Calculus

Shibaura Electronics (6957 JP): Minebea Changes Tack and Matches Yageo’s JPY6,200 Offer

Shibaura Electronics (6957 JP): Yageo Goes All in with a JPY6,635 Offer

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>On 21 August, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> increased its <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a> offer by 7.0% to JPY6,635. On 23 August, Yageo further increased its offer by 7.5% to JPY7,130.  </li>
<li>The offer is partially in reaction to <a href="https://minebeamitsumi.com/english/news/press/2025/1210418_20344.html" target="_blank" rel="noopener">Minebea’s recent comments</a> around Yageo securing FEFTA approval. Crucially, Yageo finally provided an update suggesting that only a few issues remained.</li>
<li>Yageo’s JPY7,130 offer is not over-the-top, as Minebea’s 10x EV/EBIT pricing guideline outlined on 18 August potentially justified a JPY7,300 offer. The likelihood of Minebea walking has increased.</li>
</ul>


On 21 August, Yageo Corporation (2327 TT) increased its Shibaura Electronics (6957 JP) offer by 7.0% to JPY6,635. On 23 August, Yageo further increased its offer by 7.5% to JPY7,130.  
The offer is partially in reaction to Minebea’s recent comments around Yageo securing FEFTA approval. Crucially, Yageo finally provided an update suggesting that only a few issues remained.
Yageo’s JPY7,130 offer is not over-the-top, as Minebea’s 10x EV/EBIT pricing guideline outlined on 18 August potentially justified a JPY7,300 offer. The likelihood of Minebea walking has increased.


Shibaura Electronics (6957 JP): Method in the Madness as Yageo Bumps Twice in Two Days