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

Shinko Shoji (8141 JP): Kaga Lowers the Minimum to Aid Completion

Merger Arb Mondays (20 Jul) - Kakaku, Shinko Shoji, Get Nice, Shengmu, Skyworth, Steadfast, Vault

Shinko Shoji (8141 JP): An Increasing Chance for a Bump as Murakami Exits

Shinko Shoji (8141 JP): Kaga Electronics’ Tender Offer Could Attract an Activist or a Competing Bid

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>Sand Grove Capital, which <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YF59.pdf?sv=2020-08-04&amp;st=2026-06-22T07%3A17%3A01Z&amp;se=2031-06-23T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=nusNDUms2ij0opsbE1a9u4WiEeNxvC3hcPZkw5HziZA%3D" target="_blank" rel="noopener">started buying</a> on the day of the offer announcement, has increased its <a href="https://www.smartkarma.com/entities/shinko-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:2322:1" rel="noopener">Shinko Shoji (8141 JP)</a> shareholding to 6.12% of outstanding shares. </li>
<li>Sand Grove, primarily an event-driven fund, has bought marginally above terms, suggesting that it is either playing the bumpitrage trade or waging its first Japanese activism campaign. </li>
<li>While Murakami’s exit and Sand Grove's emergence increase the chances of a bump, <a href="https://www.smartkarma.com/entities/kaga-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:14600:1" rel="noopener">Kaga Electronics (8154 JP)</a> retains options to force completion at current terms. </li>
</ul>


Sand Grove Capital, which started buying on the day of the offer announcement, has increased its Shinko Shoji (8141 JP) shareholding to 6.12% of outstanding shares. 
Sand Grove, primarily an event-driven fund, has bought marginally above terms, suggesting that it is either playing the bumpitrage trade or waging its first Japanese activism campaign. 
While Murakami’s exit and Sand Grove's emergence increase the chances of a bump, Kaga Electronics (8154 JP) retains options to force completion at current terms. 


Shinko Shoji (8141 JP): Intriguing Shareholder Movements Ahead of 26 June Close