Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today after the close, Advantage Partners announced the intention to launch a TOB to take over <a href="https://www.smartkarma.com/entities/furukawa-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:6513:1" rel="noopener">Furukawa Battery (6937 JP)</a> at ¥1,400 - a 26% premium to last.  </li>
<li>This will require substantial time to obtain regulatory and foreign investment clearances so it is anticipated the Tender Offer will be launched at end-March 2025. I expect that is conservative.</li>
<li>The price paid to minorities is a premium. But the price paid by the buyer is actually a takeunder. And it gets worse from there. </li>
</ul>


Today after the close, Advantage Partners announced the intention to launch a TOB to take over Furukawa Battery (6937 JP) at ¥1,400 - a 26% premium to last.  
This will require substantial time to obtain regulatory and foreign investment clearances so it is anticipated the Tender Offer will be launched at end-March 2025. I expect that is conservative.
The price paid to minorities is a premium. But the price paid by the buyer is actually a takeunder. And it gets worse from there. 


Furukawa Battery (6937) - Ugly Process in Virtual Take-Under Take-Private

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/furukawa-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:6513:1" rel="noopener">Furukawa Battery (6937 JP)</a> recommended a pre-conditional tender offer from Advantage Partners, <a href="https://www.smartkarma.com/entities/tokyo-century-corp" target="_blank" data-smartkarma-citation="entities:8053:1" rel="noopener">Tokyo Century Corp (8439 JP)</a> and <a href="https://www.smartkarma.com/entities/furukawa-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:5193:1" rel="noopener">Furukawa Electric (5801 JP)</a> consortium at JPY1,400, 22.6% premium to the undisturbed price.</li>
<li>The precondition is approval under the competition laws of Japan and Thailand. The offer is long-dated and anticipated to commence in March 2025.</li>
<li>While not a knockout bid, the required minority acceptance rate is not onerous. A long-dated offer presents a free option on a bump due to earnings upside or a counteroffer.</li>
</ul>



Furukawa Battery (6937 JP) recommended a pre-conditional tender offer from Advantage Partners, Tokyo Century Corp (8439 JP) and Furukawa Electric (5801 JP) consortium at JPY1,400, 22.6% premium to the undisturbed price.
The precondition is approval under the competition laws of Japan and Thailand. The offer is long-dated and anticipated to commence in March 2025.
While not a knockout bid, the required minority acceptance rate is not onerous. A long-dated offer presents a free option on a bump due to earnings upside or a counteroffer.


Furukawa Battery (6937 JP): Long-Dated Pre-Conditional Offer at JPY1,400

Canvest Environmental Protection Group / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/i-pex-inc" target="_blank" data-smartkarma-citation="entities:12587:1" rel="noopener">I-PEX (6640 JP)</a>, <a href="https://www.smartkarma.com/entities/lac-co-ltd" target="_blank" data-smartkarma-citation="entities:8480:1" rel="noopener">Lac Co Ltd (3857 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/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>. </li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, <a href="https://www.smartkarma.com/entities/net-one-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:1279:1" rel="noopener">Net One Systems (7518 JP)</a>, <a href="https://www.smartkarma.com/entities/platinum-asset-management" target="_blank" data-smartkarma-citation="entities:914:1" rel="noopener">Platinum Asset Management (PTM AU)</a>, <a href="https://www.smartkarma.com/entities/t-gaia-corp" target="_blank" data-smartkarma-citation="entities:8339:1" rel="noopener">T Gaia Corp (3738 JP)</a>, <a href="https://www.smartkarma.com/entities/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec Corp (2715 JP)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: I-PEX (6640 JP), Lac Co Ltd (3857 JP),Seven &amp; I Holdings (3382 JP), Shanghai Henlius Biotech (2696 HK), Get Nice Financial Group Ltd (1469 HK). 
Lowest spreads: Nec Networks &amp; System Integr (1973 JP), Net One Systems (7518 JP), Platinum Asset Management (PTM AU), T Gaia Corp (3738 JP), Elematec Corp (2715 JP). 


Merger Arb Mondays (11 Nov) - Canvest, Get Nice, I-PEX, LAC, I'rom, Net One, Fuji Soft, NEC Networks

David Blennerhassett

<ul>
<li>I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals discussed this week: <a href="https://www.smartkarma.com/entities/get-nice-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:29667:1" rel="noopener">Get Nice Financial Group Ltd (1469 HK)</a>'s scrip Offer, and <a href="https://www.smartkarma.com/entities/net-one-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:1279:1" rel="noopener">Net One Systems (7518 JP)</a>'s tender Offer. Plus <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>'s reverse takeover.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/latin-resources-ltd" target="_blank" data-smartkarma-citation="entities:8770:1" rel="noopener">Latin Resources (LRS AU)</a>, <a href="https://www.smartkarma.com/entities/i-rom-group-co-ltd" target="_blank" data-smartkarma-citation="entities:2686:1" rel="noopener">I'Rom Group (2372 JP)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>, <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a>, and <a href="https://www.smartkarma.com/entities/propertyguru-group-limited" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGRU US)</a>.</li>
</ul>


I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals discussed this week: Get Nice Financial Group Ltd (1469 HK)'s scrip Offer, and Net One Systems (7518 JP)'s tender Offer. Plus Sigma Healthcare (SIG AU)'s reverse takeover.
Key updates took place on: Latin Resources (LRS AU), I'Rom Group (2372 JP), Malaysia Airports Holdings (MAHB MK), Korea Zinc (010130 KS), and PropertyGuru (PGRU US).


(Mostly) Asia-Pac M&A: Sigma Healthcare, Get Nice, Net One Systems, Latin Resources, Korea Zinc

Haitong Securities Co Ltd (H) / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <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/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/platinum-asset-management" target="_blank" data-smartkarma-citation="entities:914:1" rel="noopener">Platinum Asset Management (PTM AU)</a>, <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a>, <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, <a href="https://www.smartkarma.com/entities/t-gaia-corp" target="_blank" data-smartkarma-citation="entities:8339:1" rel="noopener">T Gaia Corp (3738 JP)</a>, <a href="https://www.smartkarma.com/entities/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec Corp (2715 JP)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Seven &amp; I Holdings (3382 JP), Beijing Capital Grand (1329 HK), Shanghai Henlius Biotech (2696 HK), Canvest Environmental Protection Group (1381 HK), Greatview Aseptic Packaging (468 HK). 

Lowest spreads: Platinum Asset Management (PTM AU), Silverlake Axis (SILV SP), Nec Networks &amp; System Integr (1973 JP), T Gaia Corp (3738 JP), Elematec Corp (2715 JP). 


Merger Arb Mondays (04 Nov) - Haitong, Canvest, Capital Grand, Capitol, Fuji Soft, NESIC, Elematec

Japan

The Furukawa Battery Co., Ltd. manufactures batteries.  The Company's products are used for automobiles, home appliances, office equipment, lighting, and aerospace development.  Furukawa Battery has a sales office in Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Furukawa Battery (6937 JP)

Furukawa Battery (6937) - Ugly Process in Virtual Take-Under Take-Private

Furukawa Electric is selling Furukawa Battery at weighted average purchase price which is a takeunder. It is a really UGLY calculation/process...

Travis Lundy