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 (23 Feb) - Toyota Ind, MCJ, Raksul, Sankei, AJIS, Skyworth, Humm, Bluescope, Qube

Toyota Industries (6201 JP): Risk/Reward Ahead of the Second Close

Weekly Deals Digest (01 Mar) - Toyota Ind, Toho Titanium, Yomeishu, Nintendo, Bluescope, Clearview

Toyota Industries (6201 JP): Evaluating Elliott’s Letter

Toyota Industries (6201 JP): Scenarios Ahead of the First Close

Toyota Industries (6201 JP): Who Wins This Game of Chicken?

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>At the first closing date of the <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> offer, Fudosan unsurprisingly extended the close, but surprisingly, voluntarily disclosed the level of acceptances.</li>
<li>At first glance, the disclosure of acceptances was an own goal, as the shares reached new highs, giving Elliott a gift to strengthen its call to reject the offer.</li>
<li>Alternatively, Fudosan’s disclosure could be a shrewd move to signal that its likely endgame (bump marginally above 3Q book value and possibly lower minimum) will succeed.  </li>
</ul>


At the first closing date of the Toyota Industries (6201 JP) offer, Fudosan unsurprisingly extended the close, but surprisingly, voluntarily disclosed the level of acceptances.
At first glance, the disclosure of acceptances was an own goal, as the shares reached new highs, giving Elliott a gift to strengthen its call to reject the offer.
Alternatively, Fudosan’s disclosure could be a shrewd move to signal that its likely endgame (bump marginally above 3Q book value and possibly lower minimum) will succeed.  


Toyota Industries (6201 JP): Disclosure of Acceptances an Own Goal or a Shrewd Move?