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

Mimasu Semiconductor Industry / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a> notes that the pre-condition for <a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a>’s JPY3,700 tender offer has been satisfied. The tender runs from 21 June to 5 August.</li>
<li>The share price has traded at or above the offer on 15 out of 38 trading days, partly due to expectations of a counteroffer. </li>
<li>While the offer is below the midpoint of the IFA DCF valuation range, it represents an all-time high. The lack of activists or competing offers suggests a done deal.</li>
</ul>



Mimasu Semiconductor Industry (8155 JP) notes that the pre-condition for Shin Etsu Chemical (4063 JP)’s JPY3,700 tender offer has been satisfied. The tender runs from 21 June to 5 August.
The share price has traded at or above the offer on 15 out of 38 trading days, partly due to expectations of a counteroffer. 
While the offer is below the midpoint of the IFA DCF valuation range, it represents an all-time high. The lack of activists or competing offers suggests a done deal.


Mimasu Semiconductor (8155 JP): Shin-Etsu (4063 JP)’s Tender Offer Launches

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a>, owner of a 44% stake in <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>, will launch the TOB to buy out Mimasu minority holders, as pre-announced 2mos ago.</li>
<li>Not surprising. They bought in 19yrs ago, raised to 40+% 18yrs ago, then waited. Finally, we have a deal. It's too cheap but in 18yrs, I recall zero activism here.</li>
<li>Shin-Etsu starts with ~45%, and crossholders and the chairman get it to 53%. Then they need a bit to get them to 67% but it should be straightforward.</li>
</ul>



Shin Etsu Chemical (4063 JP), owner of a 44% stake in Mimasu Semiconductor Industry (8155 JP), will launch the TOB to buy out Mimasu minority holders, as pre-announced 2mos ago.
Not surprising. They bought in 19yrs ago, raised to 40+% 18yrs ago, then waited. Finally, we have a deal. It's too cheap but in 18yrs, I recall zero activism here.
Shin-Etsu starts with ~45%, and crossholders and the chairman get it to 53%. Then they need a bit to get them to 67% but it should be straightforward.


Shin-Etsu Chem TOB for Rest of Mimasu Semi (8155) - Far Too Cheap, But No Squeaky Wheel No Grease

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a> recommended a pre-conditional tender offer from <a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a> at JPY3,700, a 14.4% and 35.4% premium to the last close and undisturbed price, respectively. </li>
<li>The pre-condition, which cannot be waived, is approval under the competition laws of Japan and Taiwan. The tender offer is expected to start in late July.</li>
<li>While the offer is below the mid-point of the IFA DCF valuation range and the requested price, it is 7.7% higher than the all-time high of JPY3,435. This is done. </li>
</ul>



Mimasu Semiconductor Industry (8155 JP) recommended a pre-conditional tender offer from Shin Etsu Chemical (4063 JP) at JPY3,700, a 14.4% and 35.4% premium to the last close and undisturbed price, respectively. 
The pre-condition, which cannot be waived, is approval under the competition laws of Japan and Taiwan. The tender offer is expected to start in late July.
While the offer is below the mid-point of the IFA DCF valuation range and the requested price, it is 7.7% higher than the all-time high of JPY3,435. This is done. 


Mimasu Semiconductor (8155 JP): Shin-Etsu (4063 JP)’s Pre-Conditional Tender Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:4481:1" rel="noopener">Shin Etsu Chemical (4063 JP)</a>, owner of a 44% stake in <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>, has announced a Tender Offer to take out minorities in Mimasu. </li>
<li>This is not surprising. They bought in 19 years ago, raised to 40+% 18yrs ago, then waited. Finally, we have a deal. But it's too cheap. </li>
<li>Shin-Etsu starts with ~45%, and crossholders and the chairman get it to 52%. Then they need a bit to get them to 67% but it should be straightforward.</li>
</ul>



Shin Etsu Chemical (4063 JP), owner of a 44% stake in Mimasu Semiconductor Industry (8155 JP), has announced a Tender Offer to take out minorities in Mimasu. 
This is not surprising. They bought in 19 years ago, raised to 40+% 18yrs ago, then waited. Finally, we have a deal. But it's too cheap. 
Shin-Etsu starts with ~45%, and crossholders and the chairman get it to 52%. Then they need a bit to get them to 67% but it should be straightforward.


18yrs Later, Shin-Etsu Chem Takes Out Sub Mimasu Semi (8155) - Cheap But Whatchagonnado?

David Blennerhassett

<ul>
<li>For the month of June 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in June was ~52%. The average premium YTD is ~47%. </li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of June 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.
The average premium for the new transactions announced (or first discussed) in June was ~52%. The average premium YTD is ~47%. 
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, June 2024: Fancl, Capitol Health, Infocom,Jeisys Medical, Nagatanien, Henlius Bio

Japan

MIMASU SEMICONDUCTOR INDUSTRY CO., LTD. processes semiconductor materials such as silicon and gallium.  The Company also designs, manufactures, and sells semiconductor material processing machinery and sells various kinds of measuring and testing devices.

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Mimasu Semiconductor Industry (8155 JP)

Mimasu Semiconductor (8155 JP): Shin-Etsu (4063 JP)’s Tender Offer Launches

While the offer is below the midpoint of the IFA DCF valuation range, it represents an all-time high. The lack of activists or competing offers...

Arun George

Shin-Etsu Chem TOB for Rest of Mimasu Semi (8155) - Far Too Cheap, But No Squeaky Wheel No Grease

To months ago, Shin Etsu Chem announced a takeout of minorities in 44% sub Mimasu Semi (8155). Activists could have pushed but they didn't. Reg...

Travis Lundy

Mimasu Semiconductor (8155 JP): Shin-Etsu (4063 JP)’s Pre-Conditional Tender Offer

While the offer is below the mid-point of the IFA DCF valuation range and the Board requested price, it is 7.7% higher than the all-time high. This...

Arun George

18yrs Later, Shin-Etsu Chem Takes Out Sub Mimasu Semi (8155) - Cheap But Whatchagonnado?

Shin-Etsu Chem is buying out sub Mimasu Semi 19yrs after buying in. It's too cheap, but it's an all-time high, and this company hasn't had activist...

Travis Lundy

(Mostly) Asia M&A, June 2024: Fancl, Capitol Health, Infocom,Jeisys Medical, Nagatanien, Henlius Bio

For the month of June, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$6bn. The average premium for the new deals...

David Blennerhassett

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