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 (15 Feb) - Hisamitsu, Takara Bio, Toyota Ind, Mandom, Dongfeng, Pepper Money

Merger Arb Mondays (16 Feb) - ENN, Dongfeng, Inforich, Takara Bio, Raksul, Toyota Ind, Pepper Money

Takara Bio (4974 JP): Timely Tender Offer from Takara Holdings (2531 JP) To Delight Shareholders

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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>
<a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/takara-holdings-inc" target="_blank" data-smartkarma-citation="entities:11074:1" rel="noopener">Takara Holdings (2531 JP)</a> at JPY1,150, a 43.6% premium to the last close. </li>
<li>The offer is arguably attractive as it is above the midpoint of the IFA DCF valuation range and implies a P/B of 1.37x. </li>
<li>However, the offer is light compared to historical trading ranges and is opportunistically timed. Nevertheless, the low required tendering rate points to a done deal.</li>
</ul>



Takara Bio Inc (4974 JP) has recommended a tender offer from Takara Holdings (2531 JP) at JPY1,150, a 43.6% premium to the last close. 
The offer is arguably attractive as it is above the midpoint of the IFA DCF valuation range and implies a P/B of 1.37x. 
However, the offer is light compared to historical trading ranges and is opportunistically timed. Nevertheless, the low required tendering rate points to a done deal.


Takara Bio (4974 JP): Takara Holdings (2531 JP)’s Tender Offer Is Light but Done