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

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

Toyota Industries (6201 JP): Winners and Losers

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

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

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

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>Reuters reports that Elliott has offered to pay around market price to buy <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> shares from holders who have agreed to tender. The close is 2 March.</li>
<li>Elliott’s strategy is three-fold: increase its stake without launching an expensive partial offer, ensure the minimum is not met, and ensure Fudosan discloses, at best, a modest increase in acceptances. </li>
<li>Elliott’s campaign may work too well, and there remains a possibility that the tender offer fails. In such a scenario, the downside to a deal break price is limited.</li>
</ul>


Reuters reports that Elliott has offered to pay around market price to buy Toyota Industries (6201 JP) shares from holders who have agreed to tender. The close is 2 March.
Elliott’s strategy is three-fold: increase its stake without launching an expensive partial offer, ensure the minimum is not met, and ensure Fudosan discloses, at best, a modest increase in acceptances. 
Elliott’s campaign may work too well, and there remains a possibility that the tender offer fails. In such a scenario, the downside to a deal break price is limited.


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