Sanyo Special Steel (5481 JP): Nippon Steel (5401 JP)’s Light Tender Offer Begs for Activism
The offer is light, implying a P/B of 0.67x, below the midpoint of the IFA DCF range and unattractive compared to peer multiples. This needs...
644 Views
Nippon Steal! Again. Parent Takes Out Sanyo Special Steel (5481) At Well Below Book
Nippon Steel convinced Sanyo Special Steel to do a bad-governance deal in 2018 to take it from 15% to 51%. Now they are buying out SS at a LOWER...
1k Views
Merger Arb Mondays (17 Mar) - Seven & I, Tenma, Proto, OneConnect, Vesync, Tam Jai, Insignia
We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan,...
346 Views
(Mostly) Asia-Pac M&A: Seven & I, ESR Group, Japfa, Soundwill Holdings, Tenma, Naigai Trans Line
This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...
296 Views
Merger Arb Mondays (10 Mar) - Seven & I, Naigai, ESR, Soundwill, OneConnect, Goldlion, PointsBet
We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan,...
520 Views