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 (15 Sep) - Santos, Soft99, Technopro, Mandom, Shengjing Bank, Dongfeng Motor

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

Merger Arb Mondays (22 Sep) - Technopro, Soft99, Mandom, Pacific Ind, Dongfeng, Shengjing, Smartpay

Soft99 Corp (4464 JP): The MBO Is Light but Likely Done

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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>On 12 September, <a href="https://www.47news.jp/13147153.html" target="_blank" rel="noopener">Kyodo News</a> reported that Effissimo Capital Management will launch a competing tender offer for <a href="https://www.smartkarma.com/entities/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 Corp (4464 JP)</a> at JPY4,100, 66.3% higher than the JPY2,465 MBO offer.</li>
<li>The Effissimo offer structure has been designed to shine an unflattering spotlight on the MBO low-ball offer and to prevent management from privatising Soft99.  </li>
<li>The management has several options to respond. The initial play will likely be to lean on the special committee to question the feasibility of the Effissimo bid. </li>
</ul>


On 12 September, Kyodo News reported that Effissimo Capital Management will launch a competing tender offer for Soft99 Corp (4464 JP) at JPY4,100, 66.3% higher than the JPY2,465 MBO offer.
The Effissimo offer structure has been designed to shine an unflattering spotlight on the MBO low-ball offer and to prevent management from privatising Soft99.  
The management has several options to respond. The initial play will likely be to lean on the special committee to question the feasibility of the Effissimo bid. 


Soft99 Corp (4464 JP): Shock and Awe as Effissimo Emerges with a Competing Offer