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

Weekly Deals Digest (31 May) - Taiyo, Kodensha, Shinko Shoji, Atlas Arteria, Qoria, ENN, THL

Merger Arb Mondays (01 Jun) - Taiyo, Kodensha, Shinko Shoji, Atlas, Qoria, OOh!media, Tourism Hldgs

Merger Arb Mondays (06 Jul) - Kakaku, Taiyo, Shinko Shoji, Arclands, Qoria, Steadfast, Dida

Taiyo Holdings (4626 JP): KKR’s Takeunder Offer a Done Deal

Taiyo Holdings (4626 JP): An Impending KKR Takeunder?

Taiyo Holdings (4626 JP): Privatisation Interest as Oasis Agitates

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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>Since <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> announced its preconditional tender offer for <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a> on 31 March, the shares have largely traded above the JPY4,750 offer. </li>
<li>The case for a bump is gaining credence due to Taiyo’s better-than-expected results, significant peer rerating, the diminishing control premium and the irrevocables’ competing offer clauses.</li>
<li>Nevertheless, KKR has no immediate cause for concern as no activist has emerged, and the market could sell off in the four months remaining before the offer opens. </li>
</ul>


Since KKR &amp; Co (KKR US) announced its preconditional tender offer for Taiyo Holdings (4626 JP) on 31 March, the shares have largely traded above the JPY4,750 offer. 
The case for a bump is gaining credence due to Taiyo’s better-than-expected results, significant peer rerating, the diminishing control premium and the irrevocables’ competing offer clauses.
Nevertheless, KKR has no immediate cause for concern as no activist has emerged, and the market could sell off in the four months remaining before the offer opens. 


Taiyo Holdings (4626 JP): Watching and Waiting as the Case for a Bump Gains Credence