Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> will buy 50.1-55.0% of <a href="https://www.smartkarma.com/entities/elan-corp" target="_blank" data-smartkarma-citation="entities:18367:1" rel="noopener">Elan Corp (6099 JP)</a>. Three principals+family have agreed to tender 50.1%. The premium is not huge. This is not an ATH. </li>
<li>There will be synergies. I am a little surprised by the deal+price (CEO is young, why sell so cheaply so early?) but it should be good for the TargetCo.</li>
<li>There are possible post-tender complications on a high participation rate. I expect those can be cured relatively easily. </li>
</ul>



M3 Inc (2413 JP) will buy 50.1-55.0% of Elan Corp (6099 JP). Three principals+family have agreed to tender 50.1%. The premium is not huge. This is not an ATH. 
There will be synergies. I am a little surprised by the deal+price (CEO is young, why sell so cheaply so early?) but it should be good for the TargetCo.
There are possible post-tender complications on a high participation rate. I expect those can be cured relatively easily. 


M3 (2413 JP) Launches Partial Offer To Take Control of Elan (6099 JP)

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elan-corp" target="_blank" data-smartkarma-citation="entities:18367:1" rel="noopener">Elan Corp (6099 JP)</a> announced a partial tender offer and capital and business agreement with <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a>. M3 aims to make Elan a consolidated subsidiary.  </li>
<li>The offer is for a minimum of 30.4 million (50.10% ownership ratio) and a maximum of 33.3 million shares (55.00% ownership ratio) at JPY1,040, 24.0% premium to the undisturbed price.</li>
<li>Irrevocable from tendering shareholders will satisfy the minimum acceptance condition. The offer is unremarkable, suggesting a final proration materially above the minimum of 56.07%.</li>
</ul>



Elan Corp (6099 JP) announced a partial tender offer and capital and business agreement with M3 Inc (2413 JP). M3 aims to make Elan a consolidated subsidiary.  
The offer is for a minimum of 30.4 million (50.10% ownership ratio) and a maximum of 33.3 million shares (55.00% ownership ratio) at JPY1,040, 24.0% premium to the undisturbed price.
Irrevocable from tendering shareholders will satisfy the minimum acceptance condition. The offer is unremarkable, suggesting a final proration materially above the minimum of 56.07%.


Elan Corporation (6099 JP): M3 (2413 JP)’s Partial Tender Offer

David Blennerhassett

<ul>
<li>Stay long <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> and buy more, or get long. <a href="https://www.smartkarma.com/entities/ctbc-financial-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:436:1" rel="noopener">CTBC Financial Holding (2891 TT)</a> may make a better run at it, and may even bump.</li>
<li>It's a hard to be bearish <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> at 0.34x P/B. Yet the Hong Kong property market remains a challenging space. To put it mildly.</li>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> saw breathless news articles suggesting a foreign takeover became more difficult. Not really.</li>
</ul>


Stay long Shin Kong Financial Holding (2888 TT) and buy more, or get long. CTBC Financial Holding (2891 TT) may make a better run at it, and may even bump.
It's a hard to be bearish Swire Pacific (A) (19 HK) at 0.34x P/B. Yet the Hong Kong property market remains a challenging space. To put it mildly.

Seven &amp; I Holdings (3382 JP) saw breathless news articles suggesting a foreign takeover became more difficult. Not really.


Last Week in Event SPACE: Shin Kong Financial, Swire Pac, Seven & I, Korea Zinc

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> has launched an IPO to raise up to US$734 million.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/elan-corp" target="_blank" data-smartkarma-citation="entities:18367:1" rel="noopener">Elan Corp (6099 JP)</a>, <a href="https://www.smartkarma.com/entities/trancom-co-ltd" target="_blank" data-smartkarma-citation="entities:13043:1" rel="noopener">Trancom Co Ltd (9058 JP)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: K Bank (279570 KS) has launched an IPO to raise up to US$734 million.
Event-Driven developments: Fuji Soft Inc (9749 JP), Elan Corp (6099 JP), Trancom Co Ltd (9058 JP), Seven &amp; I Holdings (3382 JP), China Traditional Chinese Medicine (570 HK). 


Weekly Deals Digest (22 Sep) - Fuji Soft, Elan, Trancom, Seven & I, China TCM, Platinum, K Bank

Japan

Elan corporation provides nursing care service and daily living products for elderly people who stay in nursing-care facilites.

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Elan Corp (6099 JP)

M3 (2413 JP) Launches Partial Offer To Take Control of Elan (6099 JP)

M3 sets a partial TOB to buy control of Elan (6099). The structure/control/target ownership look a lot like the Benefit One deal. This one is cheap...

Travis Lundy

Elan Corporation (6099 JP): M3 (2413 JP)’s Partial Tender Offer

Irrevocable from tendering shareholders will satisfy the minimum acceptance condition. The offer is unremarkable compared to historical share...

Arun George

Last Week in Event SPACE: Shin Kong Financial, Swire Pac, Seven & I, Korea Zinc

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

Weekly Deals Digest (22 Sep) - Fuji Soft, Elan, Trancom, Seven & I, China TCM, Platinum, K Bank

Last week, notable developments occurred in Event-Driven (Fuji Soft, Elan Corp, Trancom, Seven & I, China TCM, Platinum Investment) and ECM (K Bank).

Arun George

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