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/rs-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:26789:1" rel="noopener">Rs Technologies (3445 JP)</a> announced a TOB on <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno Holding (6927 JP)</a> 12 days ago. At a 74% premium, but that was too cheap. I discussed it <a href="https://www.smartkarma.com/insights/helios-techno-holding-6927-small-tob-fat-premium-74-still-too-cheap" target="_blank" rel="noopener">here</a>.</li>
<li>Shares went limit up for two days then traded huge volume the first full day last Wednesday. The lowest trade so far in open trading is 3% through terms.</li>
<li>57% of Shares Out Ex-Treasury have traded in five days. Anyone who bought 5% on Day 1 has to file a Large Shareholder Report today.</li>
</ul>



Rs Technologies (3445 JP) announced a TOB on Helios Techno Holding (6927 JP) 12 days ago. At a 74% premium, but that was too cheap. I discussed it here.
Shares went limit up for two days then traded huge volume the first full day last Wednesday. The lowest trade so far in open trading is 3% through terms.
57% of Shares Out Ex-Treasury have traded in five days. Anyone who bought 5% on Day 1 has to file a Large Shareholder Report today.


Helios Techno Holding (6927) TOB - Today Could Be The Day

<ul>
<li>On Friday, acquisitive wafer technology firm <a href="https://www.smartkarma.com/entities/rs-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:26789:1" rel="noopener">Rs Technologies (3445 JP)</a> announced it would buy lamp and printing equipment maker <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno Holding (6927 JP)</a> at a 74% premium.  </li>
<li>The premium is big, but Helios is a steal at the price. Granted, it is a small potatoes steal. </li>
<li>The register is not controlled by any one party or group of investors other than retail. That makes this interesting.</li>
</ul>


On Friday, acquisitive wafer technology firm Rs Technologies (3445 JP) announced it would buy lamp and printing equipment maker Helios Techno Holding (6927 JP) at a 74% premium.  
The premium is big, but Helios is a steal at the price. Granted, it is a small potatoes steal. 
The register is not controlled by any one party or group of investors other than retail. That makes this interesting.


Helios Techno Holding (6927) - Small TOB, Fat Premium (74%), Still Too Cheap

<ul>
<li>Today at noon JST, <a href="https://www.smartkarma.com/entities/rs-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:26789:1" rel="noopener">Rs Technologies (3445 JP)</a> released an <a href="https://contents.xj-storage.jp/xcontents/AS02916/3c9631f2/323f/4c37/be18/3ffd624622ff/140120240614529116.pdf" target="_blank" rel="noopener">announcement</a> on TDNet, "Our policy regarding the tender offer for Helios Techno Holding Co., Ltd. shares"
</li>
<li>In it, they indicated that the price offered - ¥825/share - is a price which "fully returns to general shareholders the increased enterprise value that will result from [transaction] synergies."
</li>
<li>They acknowledge the market price is trading higher than the TOB Price, but say they have no plans to raise the Tender Offer Price. So now what? It depends.</li>
</ul>


Today at noon JST, Rs Technologies (3445 JP) released an announcement on TDNet, "Our policy regarding the tender offer for Helios Techno Holding Co., Ltd. shares"

In it, they indicated that the price offered - ¥825/share - is a price which "fully returns to general shareholders the increased enterprise value that will result from [transaction] synergies."

They acknowledge the market price is trading higher than the TOB Price, but say they have no plans to raise the Tender Offer Price. So now what? It depends.


Helios Techno Holding (6927) - RS Won't Bid Higher, Market Sees Value

David Blennerhassett

<ul>
<li>I tally 50 - 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>Three new deals discussed this week: <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>'s Tender offer, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a>'s delisting offer. Bain also approached <a href="https://www.smartkarma.com/entities/bapcor-ltd" target="_blank" data-smartkarma-citation="entities:8433:1" rel="noopener">Bapcor (BAP AU)</a>.</li>
<li>Key updates took place on: <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>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</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>, <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno (6927 JP)</a>, and <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: Fancl (4921 JP)'s Tender offer, A8 New Media (800 HK)'s Scheme, and Jeisys Medical (287410 KS)'s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire &amp; Cable (5809 JP).


(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

<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 were discussed this week: the <a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial Holding (2887 TT)</a> / <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> merger; and <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>'s hybrid Offer. </li>
<li>Key updates took place on <a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services (982 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 (2696 HK)</a>,<a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC (906 HK)</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 (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric (6967 JP)</a>, and <a href="https://www.smartkarma.com/entities/arvida-group-ltd" target="_blank" data-smartkarma-citation="entities:14485:1" rel="noopener">Arvida (ARV NZ)</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 were discussed this week: the Taishin Financial Holding (2887 TT) / Shin Kong Financial Holding (2888 TT) merger; and Silverlake Axis (SILV SP)'s hybrid Offer. 
Key updates took place on Huafa Property Services (982 HK), Shanghai Henlius (2696 HK),CPMC (906 HK), Seven &amp; I (3382 JP), Shinko Electric (6967 JP), and Arvida (ARV NZ).


(Mostly) Asia-Pac M&A: Seven & I, Silverlake Axis, Shanghai Henlius, CPMC, Shinko Electric, Arvida

Japan

Helios Techno Holding Co Ltd manufactures lamps including halogen and metal halide lamps.  The Company's products are used for projectors, automobiles, and home lighting equipment.

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Helios Techno Holding (6927 JP)

Helios Techno Holding (6927) TOB - Today Could Be The Day

RS Tech bid a 74% premium for Helios Techno Holdings. That was way cheap. A 20% premium gets to 7x guided PER ex-cash/securities. HUGE volume means...

Travis Lundy

Helios Techno Holding (6927) - Small TOB, Fat Premium (74%), Still Too Cheap

RS Tech has announced a TOB on Helios Tech Holdings. It is too cheap. It was deep in negative EV territory on Friday and a 74% premium brings it...

Travis Lundy

Helios Techno Holding (6927) - RS Won't Bid Higher, Market Sees Value

RS Tech launched a TOB on Helios Techno Hldgs 2 weeks ago. The price was too low. HTH has traded through terms, but now RS says no bump. The means...

Travis Lundy

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

(Mostly) Asia-Pac M&A: Seven & I, Silverlake Axis, Shanghai Henlius, CPMC, Shinko Electric, Arvida

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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