IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/benesse-holdings-inc" target="_blank" data-smartkarma-citation="entities:12877:1" rel="noopener">Benesse Holdings (9783 JP)</a> notes that the pre-condition for EQT-backed MBO has been satisfied. The offer price remains unchanged at JPY2,600 per share, a 45.1% premium to the undisturbed price.</li>
<li>EQT has noted a possibility of extending the tender offer close from 4 to 13 March, which suggests a limited appetite to bump the offer.</li>
<li>The shares are trading 1.3% above terms. A 51% minority acceptance rate and no competing bidder indicate an unfavourable risk/reward profile - a 27% downside on deal break. </li>
</ul>



Benesse Holdings (9783 JP) notes that the pre-condition for EQT-backed MBO has been satisfied. The offer price remains unchanged at JPY2,600 per share, a 45.1% premium to the undisturbed price.
EQT has noted a possibility of extending the tender offer close from 4 to 13 March, which suggests a limited appetite to bump the offer.
The shares are trading 1.3% above terms. A 51% minority acceptance rate and no competing bidder indicate an unfavourable risk/reward profile - a 27% downside on deal break. 


Benesse Holdings (9783 JP): EQT-Backed MBO Offer Unchanged at JPY2,600

<ul>
<li>
<a href="https://www.smartkarma.com/entities/benesse-holdings-inc" target="_blank" data-smartkarma-citation="entities:12877:1" rel="noopener">Benesse Holdings (9783 JP)</a> has recommended an EQT-backed pre-conditional MBO offer of JPY2,600 per share, a 45.1% and 36.3% premium to the undisturbed price and last close, respectively.</li>
<li>The pre-conditions primarily relate to Japanese and Chinese approvals, which can be waived. Chinese SAMR approval should be forthcoming as education is not a geopolitical fraught sector.</li>
<li>The offer is long-dated and opens in early February 2024. While not a knockout bid, the offer is fair in the context of Benesse’s muted outlook. </li>
</ul>



Benesse Holdings (9783 JP) has recommended an EQT-backed pre-conditional MBO offer of JPY2,600 per share, a 45.1% and 36.3% premium to the undisturbed price and last close, respectively.
The pre-conditions primarily relate to Japanese and Chinese approvals, which can be waived. Chinese SAMR approval should be forthcoming as education is not a geopolitical fraught sector.
The offer is long-dated and opens in early February 2024. While not a knockout bid, the offer is fair in the context of Benesse’s muted outlook. 


Benesse Holdings (9783 JP): EQT Backed Pre-Conditional MBO Tender Offer at JPY2,600

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/10235" target="_blank" data-smartkarma-citation="entities:10235:1">Charm Care Corp (6062 JP)</a> is a relatively fast-growing Osaka-based smallcap ($130mm) JASDAQ-listed private senior-care facilities operator with 40+ care facilities and a total of 2,930 rooms under management as of end-December in the Tokyo and Kanagawa areas, the Osaka area, and the Hyogo and Kyoto areas. The company was listed in April 2012 as a <em>truly</em> tiny cap. Since then, revenues are up 3-fold and the market cap is up 8-fold. It is still growing quickly.  </p><div class="content-highlight"><p><em>This is a small cap offering. The</em>…</p></div>

Charm Care Corp (6062 JP) is a relatively fast-growing Osaka-based smallcap ($130mm) JASDAQ-listed private senior-care facilities operator with 40+ care facilities and a total of 2,930 rooms under management as of end-December in the Tokyo and Kanagawa areas, the Osaka area, and the Hyogo and Kyoto areas. The company was listed in April 2012 as a truly tiny cap. Since then, revenues are up 3-fold and the market cap is up 8-fold. It is still growing quickly.  This is a small cap offering. The…

Charm Care (6062) Offering, TSE2 Listing, and Growth

Japan

Charm Care Corporation, K.K. provides residential and personal care services.

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Charm Care Corp (6062 JP)

Benesse Holdings (9783 JP): EQT-Backed MBO Offer Unchanged at JPY2,600

The shares are trading 1.3% above terms. A 51% minority acceptance rate and no competing bidder indicate an unfavourable risk/reward profile - a...

Arun George

Benesse Holdings (9783 JP): EQT Backed Pre-Conditional MBO Tender Offer at JPY2,600

The pre-conditions primarily relate to Japanese and Chinese approvals, which can be waived. While not a knockout bid, the offer is fair in the...

Arun George

Charm Care (6062) Offering, TSE2 Listing, and Growth

Charm Care Corp (6062 JP) is a relatively fast-growing Osaka-based smallcap ($130mm) JASDAQ-listed private senior-care facilities operator with 40+...

Travis Lundy

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