Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>In the first tender offer, 42.5 million shares of Jeisys Medical were purchased by Archimed Group. Post tender offer, Archimed now owns an 82.1% stake in Jeisys Medical. </li>
<li>On 24 July, it was announced that Archimed will be conducting a second tender offer for Jeisys Medical. The second tender offer will be made for 17.2% of common shares.</li>
<li>It could be difficult for Archimed to gain more than 95% stake at the end of the second tender offer. Rather, a third tender offer is likely in 2025.</li>
</ul>


In the first tender offer, 42.5 million shares of Jeisys Medical were purchased by Archimed Group. Post tender offer, Archimed now owns an 82.1% stake in Jeisys Medical. 
On 24 July, it was announced that Archimed will be conducting a second tender offer for Jeisys Medical. The second tender offer will be made for 17.2% of common shares.
It could be difficult for Archimed to gain more than 95% stake at the end of the second tender offer. Rather, a third tender offer is likely in 2025.


Archimed Group Plans to Conduct a Second Tender Offer for Jeisys Medical

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Aesthetic laser maker <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> has announced French PE outfit Archimed SAS is seeking to delist the company.</li>
<li>Archimed intends to acquire 72% of Jeisys at ₩13,000, a 20.82% premium to undisturbed. Archimed has also inked agreements with founders/directors for 26.44%, taking its possible % acquisition to 98.44%. </li>
<li>A Korean medical device maker - not another <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>?! Jeisys did face a <a href="https://dockets.justia.com/docket/massachusetts/madce/1:2018cv10681/197582" target="_blank" rel="noopener">patent infringement case</a> from <a href="https://www.smartkarma.com/entities/syneron-medical-ltd" target="_blank" data-smartkarma-citation="entities:25869:1" rel="noopener">Syneron Medical (ELOS US)</a> in 2018; but since resolved. </li>
</ul>


Aesthetic laser maker Jeisys Medical (287410 KS) has announced French PE outfit Archimed SAS is seeking to delist the company.
Archimed intends to acquire 72% of Jeisys at ₩13,000, a 20.82% premium to undisturbed. Archimed has also inked agreements with founders/directors for 26.44%, taking its possible % acquisition to 98.44%. 
A Korean medical device maker - not another Eoflow (294090 KS)?! Jeisys did face a patent infringement case from Syneron Medical (ELOS US) in 2018; but since resolved. 


Jeisys Medical (287410 KS): Archimed's Delisting Offer

<ul>
<li>On 10 June, it was announced that France's Archimed Group is conducting a tender offer of 55.72 million shares of Jeisys Medical (287410 KS) (72% of outstanding shares). </li>
<li>The tender offer period will run from 10 June to 22 July. The tender offer price is 13,000 won.</li>
<li>Archimed also signed a contract to purchase the entire stake (23.2%) held by Kang Don-Hwan (Chairman of Jeisys Medical) and (3.2%) held by a Director Myung-Hoon Lee.</li>
</ul>


On 10 June, it was announced that France's Archimed Group is conducting a tender offer of 55.72 million shares of Jeisys Medical (287410 KS) (72% of outstanding shares). 
The tender offer period will run from 10 June to 22 July. The tender offer price is 13,000 won.
Archimed also signed a contract to purchase the entire stake (23.2%) held by Kang Don-Hwan (Chairman of Jeisys Medical) and (3.2%) held by a Director Myung-Hoon Lee.


Tender Offer of Jeisys Medical by Archimed Group

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Archimed aims to acquire 72% of Jeisys Medical's shares, totaling 55,724,838 shares. The tender offer runs from the 10th of this month to the 22nd of the following month.</li>
<li>If tendered shares fall short of the 18,013,879 minimum, Archimed refrains from purchases. If exceeded, Archimed buys all, eliminating allocation risk.</li>
<li>With over 70% substantial volume and a large portion held by local retail investors, surpassing the 26% threshold seems feasible.</li>
</ul>


Archimed aims to acquire 72% of Jeisys Medical's shares, totaling 55,724,838 shares. The tender offer runs from the 10th of this month to the 22nd of the following month.
If tendered shares fall short of the 18,013,879 minimum, Archimed refrains from purchases. If exceeded, Archimed buys all, eliminating allocation risk.
With over 70% substantial volume and a large portion held by local retail investors, surpassing the 26% threshold seems feasible.


Breakdown of Archimed's Massive Tender Offer for Jeisys Medical Shareholders

<ul>
<li>On the<a href="https://www.bdapartners.com/transaction/bda-advises-praxis-on-sale-of-businesson-to-skylake/" target="_blank" rel="noopener"> 25th July</a>, SkyLake Equity Partners acquired a 46.9% stake from Praxis Capital Partners in <a href="https://www.smartkarma.com/entities/businesson-communication-co-ltd" target="_blank" data-smartkarma-citation="entities:26040:1" rel="noopener">BusinessOn Communication (138580 KS)</a>, Korea’s leading B2B SaaS company; plus 24.3% from BusinessOn's management. </li>
<li>SkyLake has now launched a Tender Offer for 28.94% of BusinessOn. The Tender offer price is ₩15,849/share.</li>
<li>Super clean deal. SkyLake will acquire all shares tendered. There is no minimum tendering % condition. </li>
</ul>


On the 25th July, SkyLake Equity Partners acquired a 46.9% stake from Praxis Capital Partners in BusinessOn Communication (138580 KS), Korea’s leading B2B SaaS company; plus 24.3% from BusinessOn's management. 
SkyLake has now launched a Tender Offer for 28.94% of BusinessOn. The Tender offer price is ₩15,849/share.
Super clean deal. SkyLake will acquire all shares tendered. There is no minimum tendering % condition. 


BusinessOn Communication (138580 KS): SkyLake's Delisting Offer

South Korea

Jeisys Medical Inc. operates medical device manufacturing businesses. The Company produces diagnostic devices, earpieces, rehabilitation devices, and other medical devices. Jeisys Medical conducts businesses in South Korea.

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Jeisys Medical (287410 KS)

Archimed Group Plans to Conduct a Second Tender Offer for Jeisys Medical

On 24 July, it was announced that Archimed will be conducting a second tender offer for Jeisys Medical. The second tender offer will be made for...

Douglas Kim