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 (07 Sep) - Pacific Industrial, Ashimori, Shibaura, Kangji Medical, Chery, Hesai

Merger Arb Mondays (08 Sep) - Kangji, OneConnect, Ashimori, Pacific Ind, RPM, Santos, Zeekr

Ashimori Industry (3526 JP): Finish Line in Sight as the Minimum Tendering Condition Is Lowered

Ashimori Industry (3526 JP): Toyoda Gosei (7282 JP)’s Tender Offer at JPY4,140

Ashimori Industry (3526 JP): Potential Endgames as Murakami Builds a Stake

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>Takateru Murakami, Yoshiaki Murakami’s son, has increased his <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a> to an 18.36% ownership ratio at an average buy-in price of JPY4,154.28 vs. the JPY4,140 tender offer. </li>
<li>Crucially, in <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100WLOJ.pdf?sv=2020-08-04&amp;st=2025-09-03T06%3A21%3A04Z&amp;se=2030-09-03T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=6RJ1b2GuTF7nW7bbNbZD4jyrq1n10vHoXfDc9PeQQjQ%3D" target="_blank" rel="noopener">today’s disclosure</a>, Takateru Murakami outlines the rationale for his stake building, which centres on the book value being materially understated if certain land were revalued at market rates.</li>
<li>Maintaining current terms is increasingly not a viable option. <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a> is likely to pursue a strategy of either increasing its offer or lowering the minimum acceptance condition. </li>
</ul>


Takateru Murakami, Yoshiaki Murakami’s son, has increased his Ashimori Industry (3526 JP) to an 18.36% ownership ratio at an average buy-in price of JPY4,154.28 vs. the JPY4,140 tender offer. 
Crucially, in today’s disclosure, Takateru Murakami outlines the rationale for his stake building, which centres on the book value being materially understated if certain land were revalued at market rates.
Maintaining current terms is increasingly not a viable option. Toyoda Gosei (7282 JP) is likely to pursue a strategy of either increasing its offer or lowering the minimum acceptance condition. 


芦森工業（3526 JP）：村上氏が自身のケースを概説