Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Z Holdings & LINE Merger: Behind Stories & Impact on JFTC Approval

Z Holdings & LINE... & SK Telecom? Chey Shows Interest in Joining the Alliance

Z & LINE: Softbank Strikes Again in Digital Zaibatsu Battle for Hegemony

Korea's View on Naver LINE & SoBank Yahoo Merger

LINE, Naver & LHJ's Jieum: Local Speculations

Z and LINE, Sitting in a Tree... M.E.R.G.I.N... G...?

Z Holdings (4689 JP): 2Q Is a Step in the Right Direction But We Remain Passive

Event-Driven

<p>NAVER and Softbank will make a joint tender offer to the LINE shareholders to acquire all the shares. If the joint tender offer doesn't go full 100%, both parties will conduct a minority squeeze-out. They set the TOB price at ¥5,200, which is also the squeeze-out price. The target volume stands at nearly 66M shares, excluding the stock options and convertible bonds. These 66M shares alone total ¥343bil.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/107/050/original/1.png?1574222775" class="editor-image img-responsive" data-smartkarma-image-id="107050"></figure><div class="content-caption">(Source: LINE Corp)</div><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/107/051/original/2.png?1574223138" class="editor-image img-responsive" data-smartkarma-image-id="107051"></figure><figure class="editor-figure mceNonEditable"><hr></figure><figure class="editor-figure mceNonEditable"><em>In the DETAIL section, I am going to examine the procedure of the TOB and minority squeeze-out for this case.</em></figure>

NAVER and Softbank will make a joint tender offer to the LINE shareholders to acquire all the shares. If the joint tender offer doesn't go full 100%, both parties will conduct a minority squeeze-out. They set the TOB price at ¥5,200, which is also the squeeze-out price. The target volume stands at nearly 66M shares, excluding the stock options and convertible bonds. These 66M shares alone total ¥343bil.(Source: LINE Corp)In the DETAIL section, I am going to examine the procedure of the TOB and minority squeeze-out for this case.

LINE TOBと少数株主によるスクイーズアウト手続き

A Holdings

LINE TOBと少数株主によるスクイーズアウト手続き