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 (11 Aug) - Mayne, PointsBet, Infomedia, Ashimori, Toyo Const, HKBN, Joy City

Toyo Construction (1890 JP): YFO’s Potential Revised Offer at JPY1,255

Toyo Construction (1890 JP): Déjà Vu as YFO’s Proposal Rejected

Toyo Construction (1890 JP): YFO Loses Ground to the Board’s New Five-Year Plan

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/taisei-corp" target="_blank" data-smartkarma-citation="entities:7896:1" rel="noopener">Taisei Corp (1801 JP)</a> at JPY1,750, a 6.4% premium to the last close of JPY1,644.</li>
<li>Unusually, Taisei has set the lower limit of the tender plus irrevocables at a 55.43% ownership ratio, below the two-thirds EGM share consolidation vote threshold.</li>
<li>Despite the low premium, this is a done deal due to irrevocables from the two previous competing bidders (<a href="https://www.smartkarma.com/entities/infroneer-holdings-inc" target="_blank" data-smartkarma-citation="entities:35785:1" rel="noopener">INFRONEER Holdings (5076 JP)</a>, YFO), who are also the two largest shareholders. </li>
</ul>



Toyo Construction (1890 JP) has recommended a tender offer from Taisei Corp (1801 JP) at JPY1,750, a 6.4% premium to the last close of JPY1,644.
Unusually, Taisei has set the lower limit of the tender plus irrevocables at a 55.43% ownership ratio, below the two-thirds EGM share consolidation vote threshold.
Despite the low premium, this is a done deal due to irrevocables from the two previous competing bidders (INFRONEER Holdings (5076 JP), YFO), who are also the two largest shareholders. 


Toyo Construction (1890 JP): Taisei (1801 JP)’s Bittersweet Tender Offer