Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>According to Invest Chosun, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> plans to submit a merger registration statement to the KRX in July, with Mirae Asset Securities acting as the lead underwriter.</li>
<li>
<a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> investors are in a conundrum. The stock is doing well. With one quarter to go, the company just raised its full-year EPS target by 8.3%.</li>
<li>
<a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon (7751 JP)</a>'s most recent buyback should be done now-ish. They have been ~15-20% of volume over the past month. The Trade would be short Canon vs <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh (7752 JP)</a>.</li>
</ul>


According to Invest Chosun, Celltrion Inc (068270 KS) plans to submit a merger registration statement to the KRX in July, with Mirae Asset Securities acting as the lead underwriter.

Fast Retailing (9983 JP) investors are in a conundrum. The stock is doing well. With one quarter to go, the company just raised its full-year EPS target by 8.3%.

Canon (7751 JP)'s most recent buyback should be done now-ish. They have been ~15-20% of volume over the past month. The Trade would be short Canon vs Ricoh (7752 JP).


Last Week in Event SPACE: Celltrion, Fast Retailing, Canon, Costa, Chindata

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Prior to announcement, net cash of <a href="https://www.smartkarma.com/entities/boiron-sa" target="_blank" data-smartkarma-citation="entities:21404:1" rel="noopener">Boiron SA (BOI FP)</a> represented 1/3rd of market cap. Most of that cash will now be distributed, conditional on deal success. </li>
<li>Although the premium is 36%, at 9.2x EV/Fwd EBIT, the offer seems cheap vs. comparables. The deal is neutral for the Boirons, whom will get a c.€126 million special dividend.</li>
<li>The offer facilitates the entry of a private equity healthcare specialist. Delisting requires acceptances from 57.6% of the float. Gross spread is +0.4%. Investors may require an offer around €52.</li>
</ul>


Prior to announcement, net cash of Boiron SA (BOI FP) represented 1/3rd of market cap. Most of that cash will now be distributed, conditional on deal success. 
Although the premium is 36%, at 9.2x EV/Fwd EBIT, the offer seems cheap vs. comparables. The deal is neutral for the Boirons, whom will get a c.€126 million special dividend.
The offer facilitates the entry of a private equity healthcare specialist. Delisting requires acceptances from 57.6% of the float. Gross spread is +0.4%. Investors may require an offer around €52.


Opportunistic Deal with Grounds for a Bump-Up

France

Boiron SA researches, develops, and manufactures homeopathic pharmaceutical products.  The Company operates worldwide either directly through subsidiaries and sales offices, or through local distributors.  The main industrial and commercial facilities are located in France, elsewhere in Western Europe, and North America.

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Boiron SA (BOI FP)

Last Week in Event SPACE: Celltrion, Fast Retailing, Canon, Costa, Chindata

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Opportunistic Deal with Grounds for a Bump-Up

Prior to the deal announcement, the net cash position of Boiron represented 1/3rd of market cap. Most of that cash will be distributed, conditional...

Jesus Rodriguez Aguilar

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