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 (31 Aug) - ENN Energy, Shengjing, Ashimori, Carenet, Shibaura, Mayne, Aux

Ashimori Industry (3526 JP): Murakami Outlines His Case

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

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

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Event-Driven

<ul>
<li>Takateru Murakami, Yoshiaki Murakami’s son, reported a 10.88% ownership ratio in <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>. The purchases were from 14 to 18 August, i.e., after the tender offer announcement.</li>
<li>Takateru Murakami’s average buy-in price of JPY4,134.79 per share is broadly in line with the <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>'s JPY4,140 tender offer. </li>
<li>Murakami's disclosure suggests three possibilities: 1) force Toyoda Gosei to bump, 2) reach an agreement to rollover its shares into the BidCo or 3) a combination of 1 and 2.</li>
</ul>


Takateru Murakami, Yoshiaki Murakami’s son, reported a 10.88% ownership ratio in Ashimori Industry (3526 JP). The purchases were from 14 to 18 August, i.e., after the tender offer announcement.
Takateru Murakami’s average buy-in price of JPY4,134.79 per share is broadly in line with the Toyoda Gosei (7282 JP)'s JPY4,140 tender offer. 
Murakami's disclosure suggests three possibilities: 1) force Toyoda Gosei to bump, 2) reach an agreement to rollover its shares into the BidCo or 3) a combination of 1 and 2.


芦森産業（3526 JP）：村上氏が株式を保有する中で、潜在的な終盤戦の可能性