Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 6 February, Cosmecca Korea (241710 KS) launched a partial tender offer on Englewood Lab (950140 KS).</li>
<li>Cosmecca Korea announced that it plans to purchase 11% (2.185 million) of Englewood Lab's outstanding shares at the tender offer price of 10,000 won. </li>
<li>It appears that this partial tender offer is an attempt by Cosmecca Korea to increase its stake in Englewood Lab even further, capitalizing on the lower share price.</li>
</ul>


On 6 February, Cosmecca Korea (241710 KS) launched a partial tender offer on Englewood Lab (950140 KS).
Cosmecca Korea announced that it plans to purchase 11% (2.185 million) of Englewood Lab's outstanding shares at the tender offer price of 10,000 won. 
It appears that this partial tender offer is an attempt by Cosmecca Korea to increase its stake in Englewood Lab even further, capitalizing on the lower share price.


A Partial Tender Offer of Englewood Lab by Cosmecca Korea

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>You could label <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a>"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>spins off <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a> - below the prior expected price range.  Pricing looks full here.</li>
<li>As <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?</li>
</ul>


You could label Kyocera Corp (6971 JP)"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.

WH Group (288 HK)spins off Smithfield Foods (SFD US) - below the prior expected price range.  Pricing looks full here.
As China National Building Material (3323 HK)'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?


Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

It was reported after the market close today that a cosmetics ODM player <a href="https://www.smartkarma.com/entities/23616" target="_blank" data-smartkarma-citation="entities:23616:1">Cosmecca Korea (241710 KS)</a> will acquire 6.89 million shares of <a href="https://www.smartkarma.com/entities/23610" target="_blank" data-smartkarma-citation="entities:23610:1">Englewood Lab (950140 KS)</a> (34.71% stake) from the owner David C. Chung for 57.8 billion won. Englewood Lab is also a cosmetics ODM company based in the US. This represents acquisition price of 8,366 won per share of Englewood Lab, whose share price was up 9% to 7,440 won today. There appears to have been some leaks ahead of this news since Englewood Lab shares…

It was reported after the market close today that a cosmetics ODM player Cosmecca Korea (241710 KS) will acquire 6.89 million shares of Englewood Lab (950140 KS) (34.71% stake) from the owner David C. Chung for 57.8 billion won. Englewood Lab is also a cosmetics ODM company based in the US. This represents acquisition price of 8,366 won per share of Englewood Lab, whose share price was up 9% to 7,440 won today. There appears to have been some leaks ahead of this news since Englewood Lab shares…

Korea M&A Highlight: Cosmecca Korea Acquires Englewood Lab

Equity Capital Markets

With 2016 nearly over, we look forward to some of the major IPOs in Korea in 2017. There were a few big IPO winners in 2016, including <a href="https://www.smartkarma.com/entities/22709" target="_blank" data-smartkarma-citation="entities:22709:1">Haitai Confectionery &amp; Foods (101530 KS)</a> (See <a href="https://www.smartkarma.com/insights/haitai-confectionery-ipo-preview" target="_blank" data-smartkarma-citation="insights:3494">Haitai Confectionery - IPO Preview</a> ) and <a href="https://www.smartkarma.com/entities/23610" target="_blank" data-smartkarma-citation="entities:23610:1">Englewood Lab (950140 KS)</a> (see <a href="https://www.smartkarma.com/insights/englewood-lab-ipo-preview-part-2-valuation-analysis" target="_blank" data-smartkarma-citation="insights:6210">Englewood Lab IPO Preview (Part 2) - Valuation Analysis</a>) both of which surged more than 100% from their IPO offer prices after several trading days post their IPOs. However, there were also disappointments including <a href="https://www.smartkarma.com/entities/23636" target="_blank" data-smartkarma-citation="entities:23636:1">Clio Cosmetics (237880 KS)</a>…

With 2016 nearly over, we look forward to some of the major IPOs in Korea in 2017. There were a few big IPO winners in 2016, including Haitai Confectionery &amp; Foods (101530 KS) (See Haitai Confectionery - IPO Preview ) and Englewood Lab (950140 KS) (see Englewood Lab IPO Preview (Part 2) - Valuation Analysis) both of which surged more than 100% from their IPO offer prices after several trading days post their IPOs. However, there were also disappointments including Clio Cosmetics (237880 KS)…

<a href="https://www.smartkarma.com/entities/23636" target="_blank" data-smartkarma-citation="entities:23636:1">Clio Cosmetics (237880 KS)</a> IPO will start trading tomorrow on November 9th. The IPO price is 41,000 won. We have a positive view on Clio Cosmetics, which has been one of the most anticipated IPOs in Korea in 2H16. The recent three cosmetics IPOs in Korea <a href="https://www.smartkarma.com/entities/23610" target="_blank" data-smartkarma-citation="entities:23610:1">Englewood Lab (950140 KS)</a> , <a href="https://www.smartkarma.com/entities/23616" target="_blank" data-smartkarma-citation="entities:23616:1">Cosmecca Korea (241710 KS)</a>, and <a href="https://www.smartkarma.com/entities/23576" target="_blank" data-smartkarma-citation="entities:23576:1">Organic Tea Cosmetics Holding (900300 KS)</a> have all performed very well.  The three stocks are on average 61.4% higher than their IPO price. Their high price post IPO is up 116.8% on…

Clio Cosmetics (237880 KS) IPO will start trading tomorrow on November 9th. The IPO price is 41,000 won. We have a positive view on Clio Cosmetics, which has been one of the most anticipated IPOs in Korea in 2H16. The recent three cosmetics IPOs in Korea Englewood Lab (950140 KS) , Cosmecca Korea (241710 KS), and Organic Tea Cosmetics Holding (900300 KS) have all performed very well.  The three stocks are on average 61.4% higher than their IPO price. Their high price post IPO is up 116.8% on…

South Korea

Englewood Lab LLC provides contract manufacturing services for skin care products. The Company offers stability testing, package compatibility, repeated insult patch testing, comedogenecity testing, clinical surveys, and toxicological review certification services.

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