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 (18 May) - ENN, Skyworth, Tohoku, Shinko Shoji, Kakaku, Taiyo, Qoria, OOh!media

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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/tohoku-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:20547:1" rel="noopener">Tohoku Steel (5484 JP)</a> announced a tender offer from <a href="https://www.smartkarma.com/entities/daido-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:10140:1" rel="noopener">Daido Steel (5471 JP)</a> at JPY4,491, a 86.0% premium to the last close price of JPY2,414.  </li>
<li>The offer is attractive due to the high takeover premium, represents an all-time high and is above the midpoint of the IFA DCF valuation range.</li>
<li>There is no lower limit, as the offeror and irrevocables already exceed the two-thirds voting threshold. This is a done deal.</li>
</ul>



Tohoku Steel (5484 JP) announced a tender offer from Daido Steel (5471 JP) at JPY4,491, a 86.0% premium to the last close price of JPY2,414.  
The offer is attractive due to the high takeover premium, represents an all-time high and is above the midpoint of the IFA DCF valuation range.
There is no lower limit, as the offeror and irrevocables already exceed the two-thirds voting threshold. This is a done deal.


Tohoku Steel (5484 JP): Daido Steel (5471 JP)’s Tender Offer at 1.9x Last Close