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

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

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>
<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> has reduced the lower limit of 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> tender offer from 19.2 million to 16.0 million shares (64.93% to 53.99% ownership ratio).</li>
<li>The offer price is unchanged at JPY1,580, and the closing date has been extended to 3 August. The revised lower limit is based on past AGM voting trends. </li>
<li>Unless Sand Grove materially increases its stake (a 15%+ ownership ratio), the revised lower limit should enable the offer to be completed. Exit with shares currently 1.6% above the offer. </li>
</ul>



Kaga Electronics (8154 JP) has reduced the lower limit of its Shinko Shoji (8141 JP) tender offer from 19.2 million to 16.0 million shares (64.93% to 53.99% ownership ratio).
The offer price is unchanged at JPY1,580, and the closing date has been extended to 3 August. The revised lower limit is based on past AGM voting trends. 
Unless Sand Grove materially increases its stake (a 15%+ ownership ratio), the revised lower limit should enable the offer to be completed. Exit with shares currently 1.6% above the offer. 


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