Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Chilled & Frozen Logistics Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a> last week announced its "Action to Implement Management That is Conscious of Cost of Capital and Stock Price".
</li>
<li>Today it announced <a href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" target="_blank" data-smartkarma-citation="entities:17280:1" rel="noopener">AZ-Com Maruwa Holdings (9090 JP)</a> had announced its intention to launch a Tender Offer on C&amp;F Logistics without having contacted C&amp;F first. A HOSTILE deal. Yum.</li>
<li>The deal is proposed at a 50% premium, with the goal of getting to a minimum of 50.00%. This will be interesting.</li>
</ul>



Chilled &amp; Frozen Logistics Holdings (9099 JP) last week announced its "Action to Implement Management That is Conscious of Cost of Capital and Stock Price".

Today it announced AZ-Com Maruwa Holdings (9090 JP) had announced its intention to launch a Tender Offer on C&amp;F Logistics without having contacted C&amp;F first. A HOSTILE deal. Yum.
The deal is proposed at a 50% premium, with the goal of getting to a minimum of 50.00%. This will be interesting.


Chilled & Frozen Logistics (9099) - Hostile Takeover Launched by AZ-Com Maruwa (9090)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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.

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a>, <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a> and <a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">FirstCry (0172540D IN)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/payroll-inc" target="_blank" data-smartkarma-citation="entities:33434:1" rel="noopener">Payroll (4489 JP)</a>, <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, <a href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28012:1" rel="noopener">CIMC Vehicle Group Co Ltd (1839 HK)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Amer Sports (AS US), Ola Electric (1700674D IN) and FirstCry (0172540D IN) IPOs.
Event-Driven developments - Payroll (4489 JP), T&amp;K Toka Co Ltd (4636 JP), Hollysys Automation Technologies (HOLI US), CIMC Vehicle Group Co Ltd (1839 HK), CPMC Holdings (906 HK). 


Weekly Deals Digest (28 Jan) - Amer Sports, CIMC Vehicles, CPMC, Hollysys, Payroll, T&K Toka, Shinko

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a> has recommended Bain’s revised tender offer of JPY1,410 per share, a highly disappointing 0.7% premium to the previous JPY1,400 offer. </li>
<li>Bain's marginal bump was due to securing Dalton’s support through the <a href="https://www.smartkarma.com/entities/nichii-gakkan-co" target="_blank" data-smartkarma-citation="entities:6790:1" rel="noopener">Nichii Gakkan Co (9792 JP)</a> playbook. Dalton will tender its shares and make a 15% re-investment in the offeror. </li>
<li>Shareholders representing a 60.82% ownership ratio, including share options, will accept, paving the way to success. With shares trading 4.7% above terms, it is time to move on. </li>
</ul>



T&amp;K Toka Co Ltd (4636 JP) has recommended Bain’s revised tender offer of JPY1,410 per share, a highly disappointing 0.7% premium to the previous JPY1,400 offer. 
Bain's marginal bump was due to securing Dalton’s support through the Nichii Gakkan Co (9792 JP) playbook. Dalton will tender its shares and make a 15% re-investment in the offeror. 
Shareholders representing a 60.82% ownership ratio, including share options, will accept, paving the way to success. With shares trading 4.7% above terms, it is time to move on. 


T&K Toka (4636 JP): Bain Bumps to JPY1,410 as Dalton Agrees to Tender

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a> notes that Bain expects to satisfy the pre-condition and launch the JPY1,400 tender offer by mid-January. </li>
<li>The shares have, on average, traded 1.9% above the offer due to Dalton’s stakebuilding. Bain has three options – unchanged terms, allowing Dalton to roll over its shares, or bumping. </li>
<li>Bain is likely to bump as satisfying the minimum acceptance condition is challenging. A revised offer price of around JPY1,500 is possible.  </li>
</ul>



T&amp;K Toka Co Ltd (4636 JP) notes that Bain expects to satisfy the pre-condition and launch the JPY1,400 tender offer by mid-January. 
The shares have, on average, traded 1.9% above the offer due to Dalton’s stakebuilding. Bain has three options – unchanged terms, allowing Dalton to roll over its shares, or bumping. 
Bain is likely to bump as satisfying the minimum acceptance condition is challenging. A revised offer price of around JPY1,500 is possible.  


T&K Toka (4636 JP): Decisions, Decisions as Tender Start Targeted for Mid-January

<ul>
<li>In August when Bain announced that it would launch a Tender Offer for <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a> I suggested in <a href="https://www.smartkarma.com/insights/second-go-round-tender-for-t-k-toka-4636-as-bain-wants-it-all-at-1-400-share" target="_blank" rel="noopener">my first piece</a> it was the wrong price. </li>
<li>I suggested it needed another ¥1,000 added onto the price. If the ¥1,300 price Dalton initially indicated seemed low to T&amp;K TOKA, another ¥100 doesn't seem right.</li>
<li>It took time. Now it looks like a tender offer launch is imminent. The stock has traded through terms for almost 5 months, but not by a lot.</li>
</ul>


In August when Bain announced that it would launch a Tender Offer for T&amp;K Toka Co Ltd (4636 JP) I suggested in my first piece it was the wrong price. 
I suggested it needed another ¥1,000 added onto the price. If the ¥1,300 price Dalton initially indicated seemed low to T&amp;K TOKA, another ¥100 doesn't seem right.
It took time. Now it looks like a tender offer launch is imminent. The stock has traded through terms for almost 5 months, but not by a lot.


T&K TOKA (4636 JP): Expect ANOTHER Blandiloquent But Bletcherous Bump From Bain

Japan

NICHII GAKKAN COMPANY provides hospital administration services for medical facilities.  The Company also offers home nursing services and home helper training courses.

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Nichii Gakkan Co (9792 JP)

Chilled & Frozen Logistics (9099) - Hostile Takeover Launched by AZ-Com Maruwa (9090)

Logistics biz serial acquiror AZ-Com Maruyu wanted C&F Logistics. They approached, were rebuffed, and months later, they are going hostile. Nidec...

Travis Lundy

Weekly Deals Digest (28 Jan) - Amer Sports, CIMC Vehicles, CPMC, Hollysys, Payroll, T&K Toka, Shinko

Last week, notable developments occurred in Event-Driven (CIMC Vehicles, CPMC, Weiqiao Textile, Hollysys, Payroll, TK Toka, Shinko, Newmark,...

Arun George

T&K Toka (4636 JP): Bain Bumps to JPY1,410 as Dalton Agrees to Tender

Dalton has folded in exchange for a marginal bump and 15% re-investment in the offeror. With shares trading 4.7% above terms, it is time to move on.

Arun George

T&K Toka (4636 JP): Decisions, Decisions as Tender Start Targeted for Mid-January

The pre-condition has been satisfied. However, Bain has delayed the tender launch to the end of January as it has not yet completed the procedures...

Arun George

T&K TOKA (4636 JP): Expect ANOTHER Blandiloquent But Bletcherous Bump From Bain

3.5yrs ago Bain bumped a tender offer trading through terms where an activist held a large stake. But when it revised terms, it allowed the...

Travis Lundy

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