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 Oct) - ENN Energy, Joy City, Kangji, Mandarin, Soft99, Mandom, Makino

Digital Holdings (2389 JP): SilverCape Counters with a Hostile Preconditional Offer

Soft99 Corp (4464 JP): Precedent Set but Still a Fluid Outcome

Soft99 Corp (4464 JP): The Board Opposes Effissimo’s Hostile Offer and Hints the MBO Will Succeed

Soft99 Corp (4464 JP): Hope and Despair as the MBO Close Extended

Soft99 Corp (4464 JP): Potential Outcomes as the Board Responds to Effissimo Allegations

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 Corp (4464 JP)</a> MBO offer price has been increased by 8.7% to JPY2,680, an 18.8% discount to the last close and a 34.6% discount to the Effissimo offer. </li>
<li>Ostensibly, the offer was revised based on requests from some shareholders to increase the offer price and for it to exceed the book value of JPY2,653 (implying P/B of 1.01x). </li>
<li>The latest update points to modest withdrawals of non-KeePer acceptances. Effissimo continues to face an uphill task, and the revised MBO offer increases the odds of success.</li>
</ul>


The Soft99 Corp (4464 JP) MBO offer price has been increased by 8.7% to JPY2,680, an 18.8% discount to the last close and a 34.6% discount to the Effissimo offer. 
Ostensibly, the offer was revised based on requests from some shareholders to increase the offer price and for it to exceed the book value of JPY2,653 (implying P/B of 1.01x). 
The latest update points to modest withdrawals of non-KeePer acceptances. Effissimo continues to face an uphill task, and the revised MBO offer increases the odds of success.


Soft99 Corp (4464 JP): Could the MBO Revised Offer Get the Job Done?