Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

On 11 November 2020, <a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" data-smartkarma-citation="entities:20799:1" rel="noopener">Mitsui &amp; Co Ltd (8031 JP)</a> and <a href="https://www.smartkarma.com/entities/mitsui-chemicals-inc" target="_blank" data-smartkarma-citation="entities:1703:1" rel="noopener">Mitsui Chemicals (4183 JP)</a> announced a transaction to take out minorities in jointly-held subsidiary <a href="https://www.smartkarma.com/entities/honshu-chemical-industry-co" target="_blank" data-smartkarma-citation="entities:9094:1" rel="noopener">Honshu Chemical Industry Co (4115 JP)</a>.The result is a governance embarrassment for the two major acquirers, and the target company itself. And the Tender Offer is long-dated. It is announced today, but it is expected to start in May 2021 after receiving anti-trust approvals both in and outside Japan.But a situation with such an embarrassing valuation contains possibilities.  More below the fold.

On 11 November 2020, Mitsui &amp; Co Ltd (8031 JP) and Mitsui Chemicals (4183 JP) announced a transaction to take out minorities in jointly-held subsidiary Honshu Chemical Industry Co (4115 JP).The result is a governance embarrassment for the two major acquirers, and the target company itself. And the Tender Offer is long-dated. It is announced today, but it is expected to start in May 2021 after receiving anti-trust approvals both in and outside Japan.But a situation with such an embarrassing valuation contains possibilities.  More below the fold. 

Honshu Chemical (4115) - An Embarrassment of Riches

Japan

Honshu Chemical Industry Co., Ltd. manufactures and markets a variety of fine chemicals.  The Company's products include materials for synthetic resins and semiconductor photoresists.  Honshu Chemical exports its products to Europe, North America, and Asia.

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Honshu Chemical Industry (4115 JP)

Honshu Chemical (4115) - An Embarrassment of Riches

Mitsui&Co (8031) and Mitsui Chemical (4183) are joining up to take out their jointly-owned subsidiary Honshu Chemical. The valuation is an utter...

Travis Lundy

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