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 (02 Mar) - Dongfeng, ENN, Bluescope, Humm, ClearView, Toho Titanium, Sankei, IJM

Uncompromised, Independent, Conflict-Free Research

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/toho-titanium-co-ltd" target="_blank" data-smartkarma-citation="entities:12709:1" rel="noopener">Toho Titanium (5727 JP)</a> announced a share exchange offer by <a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a> at 0.70 JX Advanced shares per Toho Titanium share, a 53.4% premium to the undisturbed price.</li>
<li>The timing is opportunistic as JX Advanced’s shares have materially outperformed Toho Titanium YTD. The share exchange ratio is also below the midpoint of the special committee IFA valuation range.</li>
<li>However, this is a done deal as JX Advanced and crossholders' stakes are sufficient to pass the EGM vote. The effective date of the share exchange is 1 June.</li>
</ul>



Toho Titanium (5727 JP) announced a share exchange offer by JX Advanced Metals (5016 JP) at 0.70 JX Advanced shares per Toho Titanium share, a 53.4% premium to the undisturbed price.
The timing is opportunistic as JX Advanced’s shares have materially outperformed Toho Titanium YTD. The share exchange ratio is also below the midpoint of the special committee IFA valuation range.
However, this is a done deal as JX Advanced and crossholders' stakes are sufficient to pass the EGM vote. The effective date of the share exchange is 1 June.


Toho Titanium (5727 JP): JX Advanced (5016 JP)’s Opportunistically Timed Share Exchange