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 (18 Jan) - Toyota Ind, Mandom, IJM, BioDlink, Dongfeng, Qube, Montage, Busy Ming

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

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

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

Toyota Industries (6201 JP): Vocal Activism Gathering Pace

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

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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/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> has recommended a revised offer from Toyota Fudosan at JPY18,800, a 15.3% premium to the previous JPY16,300 offer. </li>
<li>While the revised offer represents an all-time high, it remains arguably light. The revised offer is below the midpoint of the special committee IFA’s SOTP valuation range.</li>
<li>The revised offer also does not fully account for the increase in value of TICO’s core crossholdings. Elliott is not mentioned in the statement, suggesting a lack of support. </li>
</ul>



Toyota Industries (6201 JP) has recommended a revised offer from Toyota Fudosan at JPY18,800, a 15.3% premium to the previous JPY16,300 offer. 
While the revised offer represents an all-time high, it remains arguably light. The revised offer is below the midpoint of the special committee IFA’s SOTP valuation range.
The revised offer also does not fully account for the increase in value of TICO’s core crossholdings. Elliott is not mentioned in the statement, suggesting a lack of support. 


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