IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Event-Driven

<ul>
<li>Despite declaring the previous JPY1,250 offer final, CVC has bumped its <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a> offer by 2.0% to JPY1,275. </li>
<li>CVC has secured an irrevocable from GMO. The total irrevocable represents a 23.67% ownership ratio. Despite the bump and GMO irrevocable, success still hangs in the balance.</li>
<li>Securing TriVista's support remains elusive, and CVC could try to lower the minimum tendering condition. The downside is low, as the backend will have support on a deal break.</li>
</ul>


Despite declaring the previous JPY1,250 offer final, CVC has bumped its Macromill, Inc (3978 JP) offer by 2.0% to JPY1,275. 
CVC has secured an irrevocable from GMO. The total irrevocable represents a 23.67% ownership ratio. Despite the bump and GMO irrevocable, success still hangs in the balance.
Securing TriVista's support remains elusive, and CVC could try to lower the minimum tendering condition. The downside is low, as the backend will have support on a deal break.


Macromill (3978 JP): CVC Bumps to JPY1,275 Despite Declaring the Previous Offer Final

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Today, the last day of the ¥1,250 "Final Price" CVC Tender Offer for <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>, CVC has bumped price to ¥1,275 and extended another two weeks.</li>
<li>In the process, they got agreement from GMO to tender their 12.1% and GMO gets to reinvest into an 18-19% position in the Bidco. </li>
<li>Investors are now competing against "activists" who aren't in public markets. 20.6% of the register don't like the ¥1,250-1,275 price either. But they aren't selling. They're re-buying there. You're not.</li>
</ul>


Today, the last day of the ¥1,250 "Final Price" CVC Tender Offer for Macromill, Inc (3978 JP), CVC has bumped price to ¥1,275 and extended another two weeks.
In the process, they got agreement from GMO to tender their 12.1% and GMO gets to reinvest into an 18-19% position in the Bidco. 
Investors are now competing against "activists" who aren't in public markets. 20.6% of the register don't like the ¥1,250-1,275 price either. But they aren't selling. They're re-buying there. You're not.


CVC Bump Higher (¥1,275) Than Their Final Price (¥1,250), Get GMO to Roll In Their 12.1%.

<ul>
<li>Today, the closing date of the Tender Offer for <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a> by CVC saw the tender offer extended by an extra 10 days with new news.</li>
<li>Price had been declared final. One very large shareholder had said they would not tender. Two more were negotiating. Those two will now tender and reinvest in the back end.</li>
<li>This does not mean the tender offer is a done deal, but it is worth examining.</li>
</ul>


Today, the closing date of the Tender Offer for Macromill, Inc (3978 JP) by CVC saw the tender offer extended by an extra 10 days with new news.
Price had been declared final. One very large shareholder had said they would not tender. Two more were negotiating. Those two will now tender and reinvest in the back end.
This does not mean the tender offer is a done deal, but it is worth examining.


CVC Extends Macromill (3978) Bid and Invites Two Funds To Reinvest - More Interesting Than You Think

<ul>
<li>On Friday 17 January, the closing date of the CVC Tender Offer for <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a> at ¥1,150/share, the bidder announced an extension of the Tender Offer.</li>
<li>They also announced a bump to ¥1,250/share, and that included a comment saying they resolved not to raise the price further. </li>
<li>This happened during market hours, and the price jumped to just below ¥1,250/share. But one should not consider this a done deal. For reasons...</li>
</ul>


On Friday 17 January, the closing date of the CVC Tender Offer for Macromill, Inc (3978 JP) at ¥1,150/share, the bidder announced an extension of the Tender Offer.
They also announced a bump to ¥1,250/share, and that included a comment saying they resolved not to raise the price further. 
This happened during market hours, and the price jumped to just below ¥1,250/share. But one should not consider this a done deal. For reasons...


CVC Bumps the Macromill (3978) Price, Declares Final, and That's That... Or Is It?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a> disclosed a revised tender offer from CVC at JPY1,250, an 8.7% premium to the previous JPY1,150 offer. The offer has been declared final.</li>
<li>The revised offer is reasonable compared to historical trading ranges. Since the announcement of the offer, the share price has never exceeded it.</li>
<li>CVC seeks an irrevocable from Oasis, but Oasis has several reasons to ignore the overtures. Due to the high required acceptance rate, a gross spread of 0.2% is unattractive. </li>
</ul>



Macromill, Inc (3978 JP) disclosed a revised tender offer from CVC at JPY1,250, an 8.7% premium to the previous JPY1,150 offer. The offer has been declared final.
The revised offer is reasonable compared to historical trading ranges. Since the announcement of the offer, the share price has never exceeded it.
CVC seeks an irrevocable from Oasis, but Oasis has several reasons to ignore the overtures. Due to the high required acceptance rate, a gross spread of 0.2% is unattractive. 


Macromill (3978 JP): CVC Bumps to JPY1,250, but the Offer Remains Light

Japan

MACROMILL, INC. is a market research company utilizing Internet System. The Company collects and analyzes data and prepares research reports. MACROMILL also provides digital marketing solutions.

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Macromill, Inc (3978 JP)

Macromill (3978 JP): CVC Bumps to JPY1,275 Despite Declaring the Previous Offer Final

Despite the bump and GMO irrevocable, success still hangs in the balance. CVC could try to lower the minimum tendering condition. The downside is...

Arun George

CVC Bump Higher (¥1,275) Than Their Final Price (¥1,250), Get GMO to Roll In Their 12.1%.

CVC declared the Macromill Tender Offer Price "final" more than a month ago. Now they have signed on 20+% of the register to join them in the BidCo...

Travis Lundy

CVC Extends Macromill (3978) Bid and Invites Two Funds To Reinvest - More Interesting Than You Think

CVC has extended its Macromill deal again, but this time it announces two investors have agreed to tender 11.7% and take a stake in the back end....

Travis Lundy

CVC Bumps the Macromill (3978) Price, Declares Final, and That's That... Or Is It?

CVC has upped its bid for Macromill, now 50+% owned by 5-7 investors. It is not a big bump. I tend to think it is not enough. The deal may break...

Travis Lundy

Macromill (3978 JP): CVC Bumps to JPY1,250, but the Offer Remains Light

CVC seeks an irrevocable from Oasis, but Oasis has several reasons to ignore the overtures. Due to the high required acceptance rate, a gross...

Arun George

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