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 (26 Jan) - Toyota Ind, Raksul, Mamezo, Skyworth, IJM, ENN, Australian Strategic

Weekly Deals Digest (01 Feb) - Toyota Ind, Mandom, Eastroc, Montage, Muyuan, Shin Etsu, Kandenko

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

Toyota Industries (6201 JP): Elliott Ramps up the Pressure

Toyota Industries (6201 JP): Market Movements Support the Case of a Higher Offer

Toyota Industries (6201 JP): Toyota Fudosan’s Revised Offer Is Arguably Light

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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>Elliott has <a href="https://elliottletters.com/toyota-industries/" target="_blank" rel="noopener">released a letter</a> urging shareholders to reject Toyota Fudosan’s JPY18,800 offer for <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>.</li>
<li>Elliott’s letter makes both sensible (the offer is below 3Q book value, with limited downside risk on a deal break) and outlandish (the standalone plan is worth JPY40,000) assertions.</li>
<li>There is a good chance of a further bump (to JPY21,000), as an offer below the 3Q book value (disclosed on 3 February) will give Elliott’s campaign a huge boost.   </li>
</ul>


Elliott has released a letter urging shareholders to reject Toyota Fudosan’s JPY18,800 offer for Toyota Industries (6201 JP).
Elliott’s letter makes both sensible (the offer is below 3Q book value, with limited downside risk on a deal break) and outlandish (the standalone plan is worth JPY40,000) assertions.
There is a good chance of a further bump (to JPY21,000), as an offer below the 3Q book value (disclosed on 3 February) will give Elliott’s campaign a huge boost.   


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