Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hollysys Automation Technologies / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hollysys-automation-technolo" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technology (HOLI US)</a> has officially <a href="https://app.quotemedia.com/data/downloadFiling?webmasterId=101533&amp;ref=116254323&amp;type=PDF&amp;symbol=HOLI&amp;companyName=Hollysys+Automation+Technologies+Ltd.&amp;formType=6-K&amp;dateFiled=2021-11-15&amp;CK=1357450" target="_blank" rel="noopener">acknowledged</a> a non-binding Offer from <a href="https://www.smartkarma.com/entities/zhejiang-longsheng-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1751:1" rel="noopener">Zhejiang Longsheng Group Co., (600352 CH)</a> and Loyal Valley Innovation Capital at US$24/share. </li>
<li>The replacement of Hollysys auditor (EY) and its current inability to file its annual report remain ongoing.</li>
<li>Such accounting-related issues will constrain the timing, negotiation, and entry into of any definitive acquisition agreement.</li>
</ul>



Hollysys Automation Technology (HOLI US) has officially acknowledged a non-binding Offer from Zhejiang Longsheng Group Co., (600352 CH) and Loyal Valley Innovation Capital at US$24/share. 
The replacement of Hollysys auditor (EY) and its current inability to file its annual report remain ongoing.
Such accounting-related issues will constrain the timing, negotiation, and entry into of any definitive acquisition agreement.


Hollysys (HOLI US): The Subtle Third Offer

iClick Interactive Asia Group / Event-Driven

<p>In recent years,  it has become common practice for Chinese "tech" companies listed in the US to be privatised, on the expectation of being relisted on the Mainland (where often higher multiples are assigned) or Hong Kong. Following the passing of the <a href="https://en.wikipedia.org/wiki/Holding_Foreign_Companies_Accountable_Act" target="_blank" rel="noopener">Holding Foreign Companies Accountable Act</a> last year, there is an added impetus to take these companies private. Or at the very least, seek a dual listing in Hong Kong.</p>
<p>More often than not, these takeovers are initiated by the controlling shareholders. Which makes this latest non-binding proposal for <a href="https://www.smartkarma.com/entities/iclick-interactive-asia-group-limited" target="_blank" data-smartkarma-citation="entities:27314:1" rel="noopener">iClick Interactive Asia Group (ICLK US)</a> a little unusual.</p>
<p>iClick <a href="https://ir.i-click.com/2021-09-24-iClick-Interactive-Asia-Group-Limited-Announces-Receipt-of-a-Preliminary-Non-Binding-Indicative-Proposal-to-Acquire-the-Company" target="_blank" rel="noopener">announced</a> on the 24 September it had received a preliminary indicative proposal from PAG Pegasus Fund and Oasis Management to acquire all of its outstanding shares for US$6.75 per ADS, in cash.</p>
<p>That's a 19% premium to last close, yet 63% below its all-time high close of US$18.30 in February last year, and 16% below its $8/share IPO price in December 2018.</p>
<p>Should a firm Offer unfold, this long-form merger would require two-thirds majority approval from all shareholders.</p>
<p>Sammy Hsieh, the chairman of the board of directors and co-founder, Jian Tang, iClick's CEO, and co-founder, collectively own 4,385,078 Class B ordinary shares, which due to their super-voting rights, is equivalent to ~62% of the voting power. This proposal is a non-starter without the support of either Hsieh or Tang.</p>
<p>In addition, <a href="https://www.smartkarma.com/entities/baozun" target="_blank" data-smartkarma-citation="entities:29712:1" rel="noopener">Baozun (9991 HK)</a> controls a further 10% of the voting power. Should all three side with the buyer consortium, this deal is done. </p>
<p>But I doubt this will be the outcome. A more likely scenario is the consortium's low-balled Offer is a means to triggering a response from a key player, such as <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, to make a counteroffer.</p>
<p>More below the fold.</p>

In recent years,  it has become common practice for Chinese "tech" companies listed in the US to be privatised, on the expectation of being relisted on the Mainland (where often higher multiples are assigned) or Hong Kong. Following the passing of the Holding Foreign Companies Accountable Act last year, there is an added impetus to take these companies private. Or at the very least, seek a dual listing in Hong Kong.
More often than not, these takeovers are initiated by the controlling shareholders. Which makes this latest non-binding proposal for iClick Interactive Asia Group (ICLK US) a little unusual.
iClick announced on the 24 September it had received a preliminary indicative proposal from PAG Pegasus Fund and Oasis Management to acquire all of its outstanding shares for US$6.75 per ADS, in cash.
That's a 19% premium to last close, yet 63% below its all-time high close of US$18.30 in February last year, and 16% below its $8/share IPO price in December 2018.
Should a firm Offer unfold, this long-form merger would require two-thirds majority approval from all shareholders.
Sammy Hsieh, the chairman of the board of directors and co-founder, Jian Tang, iClick's CEO, and co-founder, collectively own 4,385,078 Class B ordinary shares, which due to their super-voting rights, is equivalent to ~62% of the voting power. This proposal is a non-starter without the support of either Hsieh or Tang.
In addition, Baozun (9991 HK) controls a further 10% of the voting power. Should all three side with the buyer consortium, this deal is done. 
But I doubt this will be the outcome. A more likely scenario is the consortium's low-balled Offer is a means to triggering a response from a key player, such as Tencent (700 HK), to make a counteroffer.
More below the fold.

IClick(ICLK US): PAG & Oasis Shake The Trees

<div>
<p><a href="https://www.smartkarma.com/entities/hollysys-automation-technolo" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener"></a>Before launching into the latest news for <a href="https://www.smartkarma.com/entities/hollysys-automation-technolo" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technology (HOLI US)</a>, one of the leading automation control system solutions provider in China, below is a summary of recent key "events":</p>
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 164.564px;">
<h3>Date</h3>
</td>
<td style="width: 581.448px;">
<h3>Data in the Date</h3>
</td>
</tr>
<tr>
<td style="width: 164.564px;">7-Dec-20</td>
<td style="width: 581.448px;">A consortium including co-founder and former Hollysys CEO Baiqing Shao, Ace Funds, and Chinese PE outfit CPE Funds Management <a href="http://hollysys.investorroom.com/2020-12-10-Hollysys-Announces-Receipt-of-a-Non-Binding-Going-Private-Proposal" target="_blank" rel="noopener">pitched</a> an unsolicited US$15.47/share cash Offer. The Offer was rejected</td>
</tr>
<tr>
<td style="width: 164.564px;">8-Jan-21</td>
<td style="width: 581.448px;">The Offer was summarily <a href="http://hollysys.investorroom.com/2021-01-08-Hollysys-Board-of-Directors-Rejects-Unsolicited-Offer" target="_blank" rel="noopener">rejected</a>
</td>
</tr>
<tr>
<td style="width: 164.564px;">1-Feb-21</td>
<td style="width: 581.448px;">The consortium bumped its Offer to acquire the company to US$17.10/share on the <a href="http://hollysys.investorroom.com/2021-02-01-Hollysys-Board-of-Directors-to-Review-Revised-Unsolicited-Proposal" target="_blank" rel="noopener">1 February</a>.</td>
</tr>
<tr>
<td style="width: 164.564px;">9-Mar-21</td>
<td style="width: 581.448px;">Hollysys <a href="http://hollysys.investorroom.com/2021-03-15-Hollysys-Board-of-Directors-Received-a-Notice-From-Hollysys-Committee-on-Trust-Interests" target="_blank" rel="noopener">announced</a> a legal action had commenced in the Hong Kong High Court against Shao and Ace Lead, concerning the legal dispute over the beneficial ownership of the Hollysys' shares held by Ace Lead and the beneficial ownership of the shares of Ace Lead held by Shao.</td>
</tr>
<tr>
<td style="width: 164.564px;">14-Mar-21</td>
<td style="width: 581.448px;">In a <a href="https://www.businesswire.com/news/hk-zh/20210314005017/en/Shao-Baiqing-and-Ace-Lead-Profits-Limited-Won-Preliminary-Victory-Against-Hollysys-Automation-Technologies-in-the-BVI" target="_blank" rel="noopener">press release</a>, Shao Baiqing and Ace Lead Profits allege they had won a preliminary victory against Hollysys.</td>
</tr>
<tr>
<td style="width: 164.564px;">16-Mar-21</td>
<td style="width: 581.448px;">Hollysys countered <a href="http://hollysys.investorroom.com/2021-03-16-Hollysys-Response-to-Ace-Lead-Profits-Limited-Misleading-Press-Release" target="_blank" rel="noopener">these</a> statements re: a preliminary victory were highly misleading.</td>
</tr>
<tr>
<td style="width: 164.564px;">13-Apr-21</td>
<td style="width: 581.448px;">
<div>
<p>CPE has <a href="https://www.businesswire.com/news/home/20210413006213/en/Buyer-Consortium-Comments-on-Recent-Financial-and-Operational-Information-Released-by-Hollysys-Automation-Technologies" target="_blank" rel="noopener">critiqued</a> Hollysys' 1H21 results (to 31 December 2020), and concluded that: "It is clear that existing management and the board of directors of the Company do not know how to run the business successfully"</p>
</div>
</td>
</tr>
<tr>
<td style="width: 164.564px;">29-Jun-21</td>
<td style="width: 581.448px;">Baiqing Shao, Ace Funds, and Chinese PE outfit CPE <a href="https://www.businesswire.com/news/home/20210628005886/en/Buyer-Consortium-Commences-a-Solicitation-of-Consents-from-Shareholders-of-Hollysys-Automation-Technologies-to-Seek-Support-on-Shareholder-Resolutions-Regarding-its-17.10-Per-Share-in-Cash-Acquisition-Proposal" target="_blank" rel="noopener">commenced</a> a solicitation of consents from shareholders of Hollysys to seek support on its $17.10/share in cash proposal.</td>
</tr>
<tr>
<td style="width: 164.564px;">1-Jul-21</td>
<td style="width: 581.448px;">
<p>Hollysys urges shareholders to take <a href="http://hollysys.investorroom.com/2021-07-01-Hollysys-Urges-Shareholders-to-Take-No-Action-on-Consortiums-Consent-Solicitation" target="_blank" rel="noopener">no action</a> on the consortium's consent solicitation</p>
</td>
</tr>
<tr>
<td style="width: 164.564px;">8-Jul-21</td>
<td style="width: 581.448px;">The consortium reminds Hollysys shareholders to sign the consents by the <a href="https://www.businesswire.com/news/home/20210707005961/en/Buyer-Consortium-Warns-Hollysys-Shareholders-Not-to-Be-Misled-by-Company%E2%80%99s-Continuing-Incomplete-Disclosure-and-Delaying-Tactics" target="_blank" rel="noopener">22 July</a>. </td>
</tr>
<tr>
<td style="width: 164.564px;">16-Jul-21</td>
<td style="width: 581.448px;">Hollysys sets <a href="https://en.prnasia.com/releases/global/hollysys-sets-record-straight-on-consortium-s-consent-solicitation-325965.shtml" target="_blank" rel="noopener">record straight</a> on consortium's consent solicitation</td>
</tr>
<tr>
<td style="width: 164.564px;">22-Jul-21</td>
<td style="width: 581.448px;">The buyer consortium <a href="https://www.businesswire.com/news/home/20210721006041/en/Buyer-Consortium-Extends-Deadline-for-HollySys-Shareholders-to-Submit-Consents-to-August-20-2021" target="_blank" rel="noopener">extends</a> the deadline for Hollysys' shareholders to submit consents to August 20, 2021.</td>
</tr>
<tr>
<td colspan="2" style="width: 164.564px;"><em>Source: mainly Hollysys's press releases and SEC filings</em></td>
</tr>
</tbody>
</table>
<div>
<p>Quite the saga - talk about bad blood between the current board and the former chairman/CEO.</p>
<h3>The New News!</h3>
</div>
<div>
<p>Hollysys has now <a href="https://app.quotemedia.com/data/downloadFiling?webmasterId=101533&amp;ref=116032020&amp;type=PDF&amp;symbol=HOLI&amp;companyName=Hollysys+Automation+Technologies+Ltd.&amp;formType=6-K&amp;dateFiled=2021-08-02&amp;CK=1357450" target="_blank" rel="noopener">announced</a> it is in the process of evaluating a non-binding offer from Superior Emerald, a company controlled by Ascendent Capital Partners, and Changli Wang, the founder of Hollysys (who retired in 2013 "with honor") to acquire all of the outstanding ordinary shares of Hollysys for US$23.00/share in cash.</p>
<p>That's a 34.5% premium to the CPE/Shao consortium proposal, and a ~84% premium to the undisturbed price.</p>
<p>More below the fold.</p>
</div>
</div>


Before launching into the latest news for Hollysys Automation Technology (HOLI US), one of the leading automation control system solutions provider in China, below is a summary of recent key "events":




Date


Data in the Date



7-Dec-20
A consortium including co-founder and former Hollysys CEO Baiqing Shao, Ace Funds, and Chinese PE outfit CPE Funds Management pitched an unsolicited US$15.47/share cash Offer. The Offer was rejected


8-Jan-21
The Offer was summarily rejected



1-Feb-21
The consortium bumped its Offer to acquire the company to US$17.10/share on the 1 February.


9-Mar-21
Hollysys announced a legal action had commenced in the Hong Kong High Court against Shao and Ace Lead, concerning the legal dispute over the beneficial ownership of the Hollysys' shares held by Ace Lead and the beneficial ownership of the shares of Ace Lead held by Shao.


14-Mar-21
In a press release, Shao Baiqing and Ace Lead Profits allege they had won a preliminary victory against Hollysys.


16-Mar-21
Hollysys countered these statements re: a preliminary victory were highly misleading.


13-Apr-21


CPE has critiqued Hollysys' 1H21 results (to 31 December 2020), and concluded that: "It is clear that existing management and the board of directors of the Company do not know how to run the business successfully"




29-Jun-21
Baiqing Shao, Ace Funds, and Chinese PE outfit CPE commenced a solicitation of consents from shareholders of Hollysys to seek support on its $17.10/share in cash proposal.


1-Jul-21

Hollysys urges shareholders to take no action on the consortium's consent solicitation



8-Jul-21
The consortium reminds Hollysys shareholders to sign the consents by the 22 July. 


16-Jul-21
Hollysys sets record straight on consortium's consent solicitation


22-Jul-21
The buyer consortium extends the deadline for Hollysys' shareholders to submit consents to August 20, 2021.


Source: mainly Hollysys's press releases and SEC filings




Quite the saga - talk about bad blood between the current board and the former chairman/CEO.
The New News!


Hollysys has now announced it is in the process of evaluating a non-binding offer from Superior Emerald, a company controlled by Ascendent Capital Partners, and Changli Wang, the founder of Hollysys (who retired in 2013 "with honor") to acquire all of the outstanding ordinary shares of Hollysys for US$23.00/share in cash.
That's a 34.5% premium to the CPE/Shao consortium proposal, and a ~84% premium to the undisturbed price.
More below the fold.



Hollysys (HOLI US): Competing Proposal From Founder

Last Week in Event SPACE: Capitaland, Boral, Milton/WHSP, Santos/Oil Search, Education Profit Ban


For the month of June, 11 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$14.8bn.



Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow-up discussions, or simply click on the insight link(s) below the name.






New Deals


Industry


Size (US$bn)


Type


Premium




Australia




Altium Ltd (ALU AU) 
Software
3.7
Scheme
41.5%


Altium Ltd (ALU) Rebuffs Autodesk Offer



Hansen Technologies (HSN AU) 
Software
1.0
Scheme
25.0%


Hansen Technologies (HSN AU)'s Assured Deal With BGH



Milton Corp Ltd (MLT AU) 
Fund manager
3.1
Scheme
20.0%



WHSP's Proposed Merger With Milton Corp Milton Merger Is A Most Marvelous Arb Milton-WHSP Merger Index Implications and the Marvelous Arb



 



Hong Kong




Bestway Global Holding (3358 HK) 
Leisure products
0.1
Scheme
27.0%


Bestway Global (3358 HK): Scheme Proposal From Founder



Soho China Ltd (410 HK) 
Real estate
3.3
VGO
31.6%


SOHO China (410 HK) Suspended Pursuant To The Takeovers Code - Again SOHO China's (410 HK) Done &amp; Dusted VGO



WH Group (288 HK) 
Meat supplier
0.5
Buyback/Partial



WH Group (288 HK): Today's Pig Is Tomorrow's Bacon?  WH Group Buyback Offer Announced - Strong Accretion Creates Accretion Risk  WH Group Vs Peers - Too Many Piggies Going to Market?






Japan




Oliver Corp (7959 JP) 
Designer
0.1
Tender Offer
39.0%


Oliver (7959 JP) MBO - Please Sir, I Want Some More!



Sanshin Electronics (8150 JP) 
Electronics
1.5
Buyback Tender



Sanshin Electronics (8150 JP) BIG Buyback Tender - Not Designed For You










Malaysia




Ijm Plantations (IJMP MK) 
Palm Oil
0.7
SPA/MGO
56.19%


IJM Plantations' Potential MGO From KLK







MMC Corp Bhd (MMC MK) 
Infrastructure
0.7
SCR
70.94%


MMC Corp (MMC MK): Privatisation Offer From Syed Mokhtar  MMC Corp (MMC MK): Let's Talk About Timing










Singapore




Dutech Holdings (DTECH SP) 
Security 
0.1
Cash Offer
60.0%


Dutech Holdings (DTECH SP): A Safe Bet


Source: Smartkarma Insights






The average premium for the new deals announced (or first discussed) in June was ~41%, with a year-to-date average of ~32% (89 deals &amp; total deal size of US$161bn). This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively. 




Summary of News in June of Arb Situations On Smartkarma's Radar



(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation)






Australia


Comments (with links to announcements &amp; insights)




APN Property Group (APD AU) 

16-Jun: APN Property (APD AU): Scheme Booklet Out. EGM Firmed




Asaleo Care Ltd (AHY AU) 

2-Jun: Asaleo (ASX: AHY): Essity’s Offer Gets Up




Bingo Industries (BIN AU) 

9-Jun: Bingo Industries (BIN AU)'s Scheme Booklet has been registered with ASIC. 
The board unanimously recommends MIRA's Offer. The Independent Expert also gives the thumbs up. The Scheme Meeting will take place on the 13 July with an expected implementation date of 5 August. 14-Jun: Bingo Industries (BIN AU): Scheme Booklet Out. EGM Tabled




Boral Ltd (BLD AU) 

4-Jun: Boral Ltd (BLD AU)'s Target Statement is expected to be released next week in response to Seven Group Holdings (SVW AU) Offer.   9-Jun: Not surprisingly, in the Target Statement,  Boral Ltd (BLD AU) has recommended shareholders reject Seven Group Holdings (SVW AU)'s Offer.  28-Jun: Boral Ltd (BLD AU) Rejects Seven's Bump




Crown Resorts (CWN AU) 

15-Jun: Crown Resorts (CWN AU): Oaktree's Intriguing Proposal




Galaxy Resources (GXY AU) 

No June update




Japara Healthcare (JHC AU) 

15-Jun: Japara Healthcare (JHC AU): Bolton Clarke Spoils Calvary's Charge




Mainstream Group Holdings Ltd (MAI AU) 

9-Jun: Mainstream (MAI AU): Apex on Top Again as Bidding War Continues.... 21-June: Mainstream Group Holdings Ltd (MAI AU) confirmed that SS&amp;C did not exercise their matching rights. Consequently, they are now in discussions with Apex. Apex's Offer was at A$2.80/share.  25-Jun: Mainstream Group Holdings Ltd (MAI AU) has confirmed that they have entered into a Scheme Implementation Deed with Apex. The Offer Price is A$2.80/share.




McPherson's Ltd (MCP AU) 

15-Jun: Arrotex walks - and McPherson's Ltd (MCP AU) tanks 15.22%




Mortgage Choice (MOC AU) 

No June update



Primewest Group Ltd (PWG AU)

3-Jun: Primewest (PWG AU): Centuria Offer Period Extended; Trading Wide 4-Jun: This Offer is now unconditional.




Think Childcare (TNK AU) 

No June update




Vitalharvest Freehold Trust (VTH AU) 

28-Jun: Vitalharvest Freehold Trust (VTH AU)'s shareholders approve MAFM's Scheme. 




Vocus Communications (VOC AU) 

22-Jun: Vocus Communications (VOC AU)'s shareholders overwhelmingly approve MIRA's Scheme.










Hong Kong


Comments (with links to announcements &amp; insights)




China Machinery Engineering (1829 HK) 

4-Jun:  CMEC (1829 HK): Clarity On Timing As Pre-Cons Fulfilled




China Traditional Chinese Medicine (570 HK) 

8-Jun: In its monthly update regarding a potential Offer, China Traditional Chinese Medicine (570 HK) says there is no update.




China Youzan Limited (8083 HK) 

18-Jun: China Youzan (8083 HK) has now extends the Scheme long stop date out to the 26 November 2021. 




Chong Hing Bank (1111 HK) 

8-Jun: As expected, Chong Hing Bank (1111 HK) delays the Scheme Doc to the 9 July. I had the 17 July in my indicative table  18-Jun: Chong Hing Bank (1111 HK) announced it has now pushed back the despatch of the Scheme Document to the 30 July, around two weeks past my prior estimate. 




Kerry Logistics Network (636 HK) 

7-Jun: The free float waiver has been received.  A bunch of other pre-cons still remain outstanding.  15-Jun: Shareholders of Kerry Logistics Network (636 HK) approve the partial Offer. Various pre-conditions have yet to be fulfilled.  29-Jun: CFIUS approval received. Various pre-conditions remain outstanding. 




Rivera Holdings (281 HK) 

30-Jun: Scheme Doc out. Scheme Meeting is the 23 July. Payment expected on the 30 August. 




Sichuan Languang Justbon Service Group (2606 HK) 

17-Jun: EGM gets up. Close of acceptances on the 2 July. This is done.










India


Comments (with links to insights)




Adani Power (ADANI IN) 

3-Jun: Not Much Time Left for Adani Power Delisting Offer




Mphasis Ltd (MPHL IN) 

No June update




Vedanta Ltd (VEDL IN) 

20-Jun: VEDL has continued to outperform peers while VEDL has underperformed HZL so the VEDL stub has underperformed. 










Japan


Comments (with links to announcements &amp; insights)




Aomori Bank (8342 JP) / Michinoku Bank (8350 JP) 
No June update



BeNEXT Group (2154 JP) 
No June update



EPS Holdings (4282 JP) 
1-Jun:  EPS MBO Is Cheap. Too Cheap. But Be Careful Of Your Assumptions




Fuji Kosan Company (5009 JP) 
15-Jun: Tender offer extended to the 9 July 25-Jun: Fuji Kosan Wins In Court, Aslead Walks Away




Hitachi Metals (5486 JP) 

No June update




Honshu Chemical Industry (4115 JP) 

14-Jun: The Tender Offer for Honshu Chemical Industry (4115 JP) was completed. The owners now control 84.6%.




Invesco Office J Reit (3298 JP) 

1-Jun: Starwood Bumps Invesco Office Price to Match But STILL Not a Done Deal. 11-Jun:  Invesco Real Estate Bumps Intended Tender Offer Price 16-Jun: Starwood Tender for Invesco Fails - Invesco Deal More Likely To Work But....  17-Jun: Invesco Real Estate have announced their Tender Offer for Invesco Office J Reit (3298 JP) from June 18 to July 27. JPY 22,750/share. If you own, now is the time to sell. 



Japan Asia (3751 JP)
15-Jun: CIE Boosts Its Japan Asia Group (3751) TOB Price - Hidden Implications




Locoguide (4497 JP) / Kufu (4399 JP)

No June update



Maruka Machinery (7594 JP) / Furusato Industries (8087 JP) 
No June update



Sawada Holdings (8699 JP) 

23-Jun: Sawada Holdings (8699 JP)announced that after Khan Bank applied to the Mongolian Central Bank in February for permission to pay a dividend for the year ended 31/12/2020, the MCB had responded on 18 June and so the company will receive a dividend of JPY 4.41bn and record it as operating revenue in the current fiscal year. IN ADDITION, Sawada announced that the MCB had asked for confirmation and documentation on the selldown by a Qualifying Shareholder. This was Tower. Tower sold. Tower reported they had sold. This should be open and shut.  In the meantime, J Trust Co Ltd (8508 JP) has 14.39% of Sawada. See the link.




Secom Co Ltd (9735 JP) 

1-Jun: The Tender Offer filing for Secom Co Ltd (9735 JP)'s tender offer for Secom Joshinetsu (4342 JP) was filed on 31 May.




Toshiba Corp (6502 JP) 

7-Jun: Toshiba Shareholder Return - A Little of This, A Little of That, But Sticky and Accretive 10-Jun: Toshiba's 2020 AGM Investigative Report Is Damning 11-Jun: Toshiba – Hands in the Cookie Jar 13-Jun: With Directors Under Fire, Toshiba Axes Two, May Need Another EGM 18-Jun: Toshiba – Who Should Stay and Who Should Go 22-Jun: Toshiba – A Tale of Two Investigative Reports 24-Jun: How Much of Toshiba Is Owned By "Activists"? The Answer 25-Jun: Toshiba Board in Disarray! Likely Need ANOTHER EGM 28-Jun: Toshiba – The Fallout




Yamada Denki (9831 JP) 

9-Jun: Yamada Denki and Otsuka Kagu Do The Deed - A Quick Merger









Malaysia


Comments 




Can-One Bhd (CAN MK) 
15-Jun: Offer closed on the 15 June.



IHH Healthcare (IHH MK) 
No June update











New Zealand


Comments (&amp; link to insight)




Tilt Renewables Ltd (TLT NZ) 

13-Jun: Tilt Renewables: Scheme Booklet Out. EGM Firmed










United States

CTS Corporation designs and manufactures electronic components and sensors to original equipment manufacturers in the automotive, communications, medical, defense and aerospace, industrial and computer markets.

PC Connection, Inc. is a direct marketer of personal computers and related peripherals, software, accessories, and networking products. The Company sells to small and medium-sized businesses. PC Connection carries high turnover products in inventory, and in addition provides customer service and technical support.

Benchmark Electronics, Inc. provides contract electronics manufacturing and design services.  The Company serves original equipment manufacturers of medical devices, industrial control equipment, testing and instrumentation products, and telecommunications equipment.  Benchmark also offers product design, printed circuit board layout, prototyping and test development services.

Knowles Corporation designs and manufactures advanced acoustic components. The Company produces components for hearing aids and surface mount microphones for cell phones and consumer electronics. Knowles offers its products around the world.

Arlo Technologies, Inc. provides software solutions. The Company offers cloud-based platform with a variety of connected devices such as security cameras. Arlo Technologies serves customers in the United States.

TTM Technologies, Inc. is an independent provider of time-critical, one-stop manufacturing services for printed circuit boards.  The circuit boards serve as a foundation for electronic products such as routers, switches, servers, memory modules, and cellular base stations. The Company's customers include original equipment manufacturers and electronic manufacturing services companies.

ePlus inc. provides IT hardware, software and services. The Company offers IT solutions for data center, cloud computing, security, managed and professional services, lease financing, proprietary software, and other related products. ePlus focuses on serving the middle market and larger commercial enterprises as well as state and local governments.

Rogers Corporation manufactures and markets specialty materials and components for applications in the communications, computer, imaging, consumer, and transportation markets.  The Company's products include elastomers, high frequency circuit materials, flexible circuit materials, molding materials, and composite materials.  Rogers sells its products around the world.

ScanSource, Inc. is a value-added wholesale distributor of specialty technology products to the reseller market.  The Company provides automatic identification and point-of-sale products, as well as telephony and computer telephony integration products. ScanSource distributes its products in the United States and internationally.

OSI Systems, Inc. produces medical monitoring and anesthesia systems; security and inspection systems; and lasers, optics, and optoelectronic components.  The Company's products include blood pressure monitors, anesthesia machines and hemoglobin saturation monitors; systems for inspecting baggage, people, and vehicles; and lasers, lenses, prisms, and microelectronic components.

Topcorn Corporation manufactures and sells measuring equipment and medical equipment primarily for ophthalmologist use. The Company also manufactures industrial products including projectors and optical devices.

KCE Electronics Public Company Limited and its subsidiaries manufacture and export single-layered, multi-layered, and double-sided printed circuit boards (PCBs) under its KCE trademark.  Multi-layered PCBs are used mainly in high technology equipment and high precision instruments.  Double-sided PCBs are used largely in telecommunication and computing equipment.

Nippon Electric Glass Co., Ltd. manufactures a wide range of glass related products.  The Company's products include fluorescent light tubes, lenses for light-emitting diodes (LEDs), ceramic integrated circuits (IC) packages, bulbs for cathode ray tube (CRT) displays, and precision sheet glass for liquid crystal displays (LCDs).

Chengdu Santai Holding Group Co., Ltd. is a manufacturer and solutions provider in the security industry. The Company's products include QMS, note management systems, DVR, monitoring solutions, face identification, and fingerprint identification.

Wuhu Token Science Co., Ltd. researches, produces and sells vacuum thin film material for flat panel displays.  The Company's products are liquid crystal display conductive film glass, touch-screen conductive film glass, and mobile phone panel material.

Codan Limited develops rugged and electronics solutions for international government, corporate, NGO and consumer markets. The company's line of business includes provision of radio communications, metal detection and tracking solutions.

Shenzhen Topband Co., Ltd. researches, manufactures and markets electronic intelligent controllers for electric household appliances.

Lotte Energy Materials Corporation manufactures and distributes electric foils. The Company produces printed circuit board and lithium ion secondary batteries elecfoil, electrolytic and epoxy copper foil, electrolytic capacitor aluminum foil, and other related products. Lotte Energy Materials also offers energy and glass and window construction services.

Beijing Zhongke Sanhuan High-Tech Co., Ltd. develops and manufactures rare earth permanent magnetic materials and products.  The Company's main product is neodymium iron boron magnetic materials.

Beijing Zhong Ke San Huan Hi Tech (000970 CH)

Amano Corporation manufactures electric time recorders and information systems. The Company also produces time stamps and parking lot traffic and fee collection management systems.  The Company produces environment related systems such as dust collectors, air filters, and gas/water cleaning equipment.

Hollysys Automation Technologies Ltd. manufactures automation and control systems.  The Company produces process, industrial, rail and subway, and nuclear power plant automation equipment.

Hollysys Automation Technologies (HOLI US)

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Hollysys Automation Technologies (HOLI US)

Hollysys (HOLI US): The Subtle Third Offer

Hollysys, even without thinking about a deal, is cheap. And you have two friendly parties pitching Offers in excess of the last traded price. On...

David Blennerhassett

IClick(ICLK US): PAG & Oasis Shake The Trees

Buying around here is probably going to have limited downside. I think PAG/Oasis' intent is to shake out potential suitors - including the co...

David Blennerhassett

Hollysys (HOLI US): Competing Proposal From Founder

Hollysys is cheap, and you have two parties pitching Offers well in excess of the last traded price. Yet this is a sordid affair, with two court...

David Blennerhassett

Last Week in Event SPACE: Capitaland, Boral, Milton/WHSP, Santos/Oil Search, Education Profit Ban

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

(Mostly) Asia M&A: June 2021 Roundup

The average premium for the new deals announced (or first discussed) in June was ~41%, with a year-to-date average of ~32% (89 deals & total dal...

David Blennerhassett

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