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 (13 Oct) - Dongfeng, Hang Seng, Soft99, Toyota Industries, Pacific Ind, Mandom

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

Merger Arb Mondays (20 Oct) - ENN Energy, Joy City, Kangji, Mandarin, Soft99, Mandom, Makino

Soft99 Corp (4464 JP): Effissimo Sheds More Light on Its Hostile Offer

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

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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>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> Board has responded to Effissimo’s allegations. As expected, the Board accuses Effissimo of stating half-truths. </li>
<li>The Board's missive indirectly suggests that incremental acceptances since October 1 have been tepid, KeePer has not tendered, and the MBO is struggling to meet the minimum tendering condition. </li>
<li>The two likeliest outcomes are 1) the MBO succeeds at current terms with KeePer likely joining BidCo, and 2) both offers fail. The risk/reward is unattractive at the last close. </li>
</ul>


The Soft99 Corp (4464 JP) Board has responded to Effissimo’s allegations. As expected, the Board accuses Effissimo of stating half-truths. 
The Board's missive indirectly suggests that incremental acceptances since October 1 have been tepid, KeePer has not tendered, and the MBO is struggling to meet the minimum tendering condition. 
The two likeliest outcomes are 1) the MBO succeeds at current terms with KeePer likely joining BidCo, and 2) both offers fail. The risk/reward is unattractive at the last close. 


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