Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Beijing Jingneng Clean Energy / Event-Driven


For the month of November, 18 new deals were discussed on Smartkarma with an overall announced deal size of ~US$20bn.


Clicking on the company name in the table below will take you to the entity page where you can read the initial insight(s) written by Smartkarma contributors on these new deals and follow up discussions, or simply click on the insight link(s) below the name.






New Deals


Industry


Size (US$bn)


Type


Premium




Australia



Regis Healthcare (REG AU) 
Retirement
0.4
Poss. Scheme
25%


Regis Healthcare (REG AU): Potential New Home For The Old


Think Childcare (TNK AU) 
Childcare
0.1
Poss. Scheme
8%


Think Childcare (TNK AU) : Takeover Proposal From Alceon Group Seems Light


Vitalharvest Freehold Trust (VTH AU) 
Agriculture
0.1
Scheme
27.4%


Vitalharvest (VTH AU): Macquarie Doesn't See A Lemon






Hong Kong




Beijing Jingneng Clean Energy (579 HK) 
Energy
2.8
Vol. Offer
70.89%


Beijing Jingneng (579 HK): Privatisation Offer From Parent






Japan



Honshu Chemical Industry (4115 JP) 
Chemical
0.1
Tender Offer
42.6%


Honshu Chemical (4115) - An Embarrassment of Riches


Imasen Electric Industrial (7266 JP) 
Auto parts
0.1
Partial Tender
41%


Imasen Electric Partial Tender - Set Governance to Ludicrous Mode


Japan Asia (3751 JP) 
Community ops
0.2
Tender Offer
70.5%


Japan Asia (3751 JP) Management Buyout: Should There Be a BUMP?


Joban Kaihatsu (1782 JP) 
Construction
0.1
Tender Offer
32%


SmallCap Joban Kaihatsu Founder Tries a Free MBO


Kansai Mirai Financial (7321 JP) 
Financials
0.6
Tender Offer
3%


Resona To Take Kansai Mirai Private!







Keihanshin Building (8818 JP) 

Building leasing
0.2
Partial Tender
1%


Opportunistic Keihanshin (8818) Tender Offer Designed to Fail


Kenedix Inc (4321 JP) 
Real estate
1.25
Tender Offer
32%


A Curiously Unsatisfying Takeover Bid For Kenedix


Tohto Suisan (8038 JP) 
Fresh seafood
0.2
Partial Tender
9.2%


Tohto Suisan Partial Tender Offer - A Weird Tender Which Leads To Listed Zombie-Ism


Tokyo Dome Corp (9681 JP) 
Amusement parks
1.0
Rumoured



Mitsui Fudosan Tender For Tokyo Dome (9681) Mooted, and Tokyo Dome Sells Itself For the Wrong Price  


Yomiuri Land (9671 JP) 
Theme Park
0.4
Tender Offer
26%


Yomiuri Land (9671) Takeover - Probably The Wrong Price But Whaddya Gonna Do?










Malaysia



Batu Kawan Bhd (BAK MK) 
Chemical/rubber
0.1
MGO
13.14%


Batu Kawan (BAK MK)'s Mandatory Offer for CCM: Low Risk Risk Arb






US



China Biologic Products (CBPO US) 
Medical
1.9
Merger
16.8%


China Biologics (CBPO US): Firm Offer Backed By Prerequisite Votes










Europe/UK



Aryzta AG (ARYN VX) 
B2B solutions
0.9
Indicative Offer
32%


Aryzta - Elliott: Prospective Offer


RSA Insurance (RSA LN) 
Insurance
9.5
Offer
48%


RSA - Intact Financial &amp; Tryg: Generous Break-Up Takeover Proposal





Source: Smartkarma Insights

The above does not include the US$0.2bn SPA for amaysim Australia (AYS AU) discussed in Amaysim To Be Wound-Up After Mobile Sale.

Technically, China Biologic Products (CBPO US) was first mentioned on Smartkarma 14 months ago - but now we have a firm offer.


The average premium for the new deals announced (or first discussed) in November was ~29% and the YTD average premium for all deals discussed on Smartkarma (139 all-in) is ~31.5%.  The average for all deals discussed on Smartkarma in 2019 (145 deals all-in) was 31.5%.



The charts below provide a snapshot of deals YTD discussed on Smartkarma. Where the deal is a merger of equals or similar, I've assigned no premium.







Summary of News in November of Arb Situations On Smartkarma's Radar



(Again, click on the company names to take to you to the insights and/or discussion posts for a more comprehensive read-through on each situation. Where a new insight was written on these names in July, I've included a link, in bold, to that insight in italics.)






Australia


Comments (with links to announcements &amp; insights)




3P Learning (3PL AU) 

15-Nov: 3P Learning (3PL AU) : Indian Ed-Tech Giant BYJU's Competitive Bid 24-Nov: 3P Learning (3PL AU): Ed-Tech Deal Faces a New Twist




Cardinal Resources (CDV AU) 

4-Nov: In an ASX update, Cardinal Resources (CDV AU) goes into detail the numerous Takeover Panel applications. All of a bit of a mess right now.  25-Nov: Cardinal Resources: Three's A Crowd 26-Nov: Nordgold extends its Offer until the 14 December for Cardinal Resources (CDV AU) while continuing to air its concerns over E&amp;P's Offer. Cardinal continues to unanimously recommend Shandong's Offer.




Citadel Group (CGL AU) 

No November update




Coca Cola Amatil (CCL AU) 

4-Nov: A Scheme implementation Deed has now been entered into, at $12.75/share. The Scheme Meeting is expected to be held in early/mid-March, with an expected implementation date in late March/early April. 




Cromwell Property (CMW AU) 

17-Nov: Board spill for Cromwell Property (CMW AU). One more step for ARA.  26-Nov: ARA's proportional Offer will close on the 30 November.




DWS Ltd (DWS AU) 

No November update




Link Administration Holdings (LNK AU) 

25-Nov: An update to say there is no update




OptiComm Ltd (OPC AU) 

3-Nov: OptiComm Ltd (OPC AU) announced it "not received any contact whatsoever from Aware Super " since 15 October.
6-Nov: OptiComm Ltd (OPC AU) shareholders overwhelmingly approve Scheme.




Northern Star Resources (NST AU) 

25-Nov: some finance conditions are met




Village Roadshow (VRL AU) 

9-Nov: In a new announcement, Village Roadshow (VRL AU) said the A$0.12/share uplift is now locked in.
12-Nov: Spheria said it will vote against Scheme B for Village Roadshow (VRL AU).
17-Nov: Mittleman ups stake in Village Roadshow (VRL AU) to 14.34% from 12.87%.
23-Nov: Village Roadshow: Rollercoaster Economics
27-Nov: Mittleman Brothers posted a presentation, which describes its concerns regarding the currently proposed takeover of VLR.  "The current A$2.95 to A$3.00 range of best outcomes provided still appears unfairly low versus our estimate of indicative fair value which is currently A$5.24 per share."





 




Hong Kong


Comments (with links to announcements &amp; insights)




Allied Properties (H.K.) (56 HK) 
26-Nov: The High Court just upheld the appeal. And the Scheme will now be sanctioned Allied Prop (56 HK): In High Court Today .... 




AMVIG Holdings (2300 HK) 
2-Nov: The Composite doc has now been delayed until the 18 November.   18-Nov: Offer doc for AMVIG Holdings (2300 HK) is out. The first close is the 9 December. The IFA says the Offer is fair &amp; reasonable.   25-Nov: Offer for AMVIG Holdings (2300 HK) now declared unconditional in all respects. 



Beijing Jingneng Clean Energy (579 HK) 
18-Nov: Beijing Jingneng (579 HK): Privatisation Offer From Parent




Car Inc (699 HK) 
14-Nov: Car Inc (699 HK): MBK's Firm Offer




Changshouhua Food (1006 HK) 

11-Nov: China Zhongdi Dairy (1492 HK) will hold an EGM on the 2 December to consider the Offer from Inner Mongolia Yili Industrial Group (A) (600887 CH).
19-Nov: Fortune Hero, with 4.04%, has given an irrevocable to accept the Offer for China Zhongdi Dairy (1492 HK).
25-Nov: More irrevocables trickle in for China Zhongdi Dairy (1492 HK). This takes the shares held plus irrevocables to 96.58%, and is therefore expected to turn unconditional on the 7th day after the despatch of the Composite Doc.




CIMC-TianDa Holdings (445 HK) 
No November update



Cross Harbour Holdings (32 HK) 
4-Nov: The Offer is now unconditional in all respects. The Offer will remain open for acceptances until the 23 November. 



Get Nice Holdings (64 HK) 

25-Nov: Composite Doc despatched for Get Nice Financial Group Ltd (1469 HK).




Haier Electronics Group Co (1169 HK) 

14-Nov:Pre-conditions have now been fulfilled for the Haier Electronics Group Co (1169 HK) Offer. 16-Nov: Haier Electric (1169 HK): The "H-Share" Guessing Game




Hengxing Gold Holding (2303 HK) 

3-Nov: As expected, the despatch of the Scheme Doc has been pushed back to 30 November, from 4 November.
13-Nov: Pre-conditions have now been fulfilled for the Hengxing Gold Holding (2303 HK) Offer.




Leyou Technologies (1089 HK) 

12-Nov: Leyou Tech (1089 HK): Offer Doc Despatched




Macau Legend Development (1680 HK) 

2-Nov: The Composite Document is out. The closing date is the 24 November. The IFA says fair &amp; reasonable.




Powerleader Science &amp; Technology Group (8236 HK) 

No November update




Shanghai Prime Machinery H (2345 HK) 

3-Nov: As expected, the Composite Doc for  Shanghai Prime Machinery H (2345 HK) has been delayed until 22 January, if need be. 
25-Nov: SEG's shareholders approve the merger of Shanghai Prime Machinery H (2345 HK). This is one of the pre-cons. Regulatory approvals form other pre-cons are still outstanding. 




Sun Art Retail (6808 HK) 

9-Nov: As expected, the Composite Doc has been delayed - but only for a week, and is now expected to be despatched on or before the 18 November. 
27-Nov: Sun Art (6808 HK): Offer Doc Out. Not Fair And Reasonable




Yixin Group Ltd (2858 HK) 
6-Nov: Yixin (2858 HK)’s Downstream Unconditional MGO 11-Nov: Composite Doc is out for Yixin Group Ltd (2858 HK). The first (&amp; probably last) close is the 2 December. 











India


Comments (with links to insights)




Allcargo Logistics (AGLL IN) 

No November update




Hexaware Technologies (HEXW IN) 

No November update




INEOS Styrolution India Limited (INEOS IN) 

No November update













Japan


Comments (with links to insights)




Cocokara Fine (3098 JP) 
No November update, but Oasis now over 5%



Medical &amp; Biological Laboratories (4557 JP) 

No November update




NTT Docomo Inc (9437 JP) 

11-Nov: NTT/Docomo - The KDDI Quibble
17-Nov:Surprising NTT Docomo Tender Result Accelerates Squeezeout, Great Re-Allocation, Nikkei 225 Change
27-Nov: The Other Docomo Selldown and TOPIX Buy  Delisting scheduled for late December.




Shimachu Co Ltd (8184 JP) 

13-Nov: Nitori's Bid for Shimachu Goes Friendly as Shimachu Dumps DCM
16-Nov: DCM Holdings (3050 JP) has extended its Tender Offer for Shimachu Co Ltd (8184 JP) by 10 days, so now it ends on 1 December 2020.  This gives it time to await an expected Phase 1 decision by the JFTC regarding the bid by Nitori Holdings (9843 JP). It was something of a no-brainer for them to extend.   On 27Nov, DCM extended again.




Softbrain (4779 JP) 

Tender Offer succeeded.  27Nov: EGM to consolidate is 29 Dec. Delisting to be 19 Jan.














Singapore


Comments (with links to insights and announcements)




ESR-REIT (EREIT SP) / Sabana Shari'ah Compliant Industrial REIT (SSREITR SP) 

27-Nov:  ESR-REIT/Sabana: Furphys And Fear-Mongering
















Thailand


Comments 




COL PCL (COL TB) 
No November update


















Middle East


Comments 




Samba Financial Group (SAMBA AB) /
National Commercial Bank (NCB AB) 

No November update










Europe/UK


Comments (with links to announcements and insights)




Ahlstrom-Munksjo (AM1 FH) 
No November update



Altice NV A (ATC NA) 


No November update




CaixaBank SA (CABK SM) 
No November update



G4S PLC (GFS LN) 
6-Nov: G4S Playing Hard-To-Get




Play Communications SA (1P1 GR) 
No November update



Talktalk Telecom (TALK LN) 
No November update



William Hill (WMH LN) 
No November update





Last Week in Event SPACE: Tokyo Dome, ESR/Sabana, NTT Docomo, Evergrande, LG Corp, China Resources

Travis Lundy

After the close on the 27th of November, <a href="https://www.smartkarma.com/entities/ntt-docomo-inc" target="_blank" data-smartkarma-citation="entities:1089:1" rel="noopener">NTT Docomo Inc (9437 JP)</a> announced that parent <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> had submitted a Demand for a Share Cash-Out on teh same day and the Board of Directors of NTT Docomo had gone through the motions to approve. There is a <a href="https://www.nttdocomo.co.jp/english/corporate/ir/binary/pdf/stock/procedure/release_201127_04.pdf" target="_blank" rel="noopener">press release</a>, an <a href="https://www.nttdocomo.co.jp/english/corporate/ir/binary/pdf/stock/procedure/release_201127_01.pdf" target="_blank" rel="noopener">Extraordinary Report</a>, the reference document of <a href="https://www.nttdocomo.co.jp/english/corporate/ir/binary/pdf/stock/procedure/release_201127_03.pdf" target="_blank" rel="noopener">Prior Disclosure</a>, and the <a href="https://www.nttdocomo.co.jp/english/corporate/ir/binary/pdf/stock/procedure/release_201127_02.pdf" target="_blank" rel="noopener">Public Notice of Approval</a>.  As noted in <a href="https://www.smartkarma.com/insights/ntt-docomo-delisting-nikkei-225-replacement-is-sharp-6753-with-a-surprise" target="_blank" data-smartkarma-citation="insights:45464" rel="noopener">NTT Docomo Delisting; Nikkei 225 Replacement Is SHARP (6753) - With a Surprise</a> and <a href="https://www.smartkarma.com/insights/the-great-docomo-topix-reallocation-trade" target="_blank" data-smartkarma-citation="insights:45531" rel="noopener">The Great Docomo/TOPIX Reallocation Trade</a>, this triggers a TSE Designation of Security to be Delisted. The last day of trading will be 24 December. The Delisting Date 25 December. The Acquisition Date 29 December, and consideration will be paid later (explained as follows):<blockquote>The Consideration will be delivered within a reasonable time after the Acquisition Date to each Selling Shareholder’s address entered or recorded in the Company’s latest shareholder registry on the day preceding the Acquisition Date, or to the place the Selling Shareholder notifies to the Company, and in accordance with the method used by the Company to deliver dividend assets.  </blockquote>The March dividend takes ~11 weeks between record date and delivery date. The Sep dividend took 57 days this year (just over 8 weeks). This of course, triggers the rest of the TOPIX deletion which did not happen with the down-weight on 27 November, similar to what was discussed in <a href="https://www.smartkarma.com/insights/the-end-november-japan-rebalances-how-much-is-priced-in" target="_blank" data-smartkarma-citation="insights:45583" rel="noopener">The End-November Japan Rebalances - How Much Is Priced In?</a> More below the fold.

After the close on the 27th of November, NTT Docomo Inc (9437 JP) announced that parent NTT (Nippon Telegraph &amp; Telephone) (9432 JP) had submitted a Demand for a Share Cash-Out on teh same day and the Board of Directors of NTT Docomo had gone through the motions to approve. There is a press release, an Extraordinary Report, the reference document of Prior Disclosure, and the Public Notice of Approval.  As noted in NTT Docomo Delisting; Nikkei 225 Replacement Is SHARP (6753) - With a Surprise and The Great Docomo/TOPIX Reallocation Trade, this triggers a TSE Designation of Security to be Delisted. The last day of trading will be 24 December. The Delisting Date 25 December. The Acquisition Date 29 December, and consideration will be paid later (explained as follows):The Consideration will be delivered within a reasonable time after the Acquisition Date to each Selling Shareholder’s address entered or recorded in the Company’s latest shareholder registry on the day preceding the Acquisition Date, or to the place the Selling Shareholder notifies to the Company, and in accordance with the method used by the Company to deliver dividend assets.  The March dividend takes ~11 weeks between record date and delivery date. The Sep dividend took 57 days this year (just over 8 weeks). This of course, triggers the rest of the TOPIX deletion which did not happen with the down-weight on 27 November, similar to what was discussed in The End-November Japan Rebalances - How Much Is Priced In? More below the fold. 

Quantitative Analysis

When NTT announced its proposed cash takeover of NTT Docomo, it meant two things. <ol>
<li>The biggest cash takeover ever seen in Japan.</li>
<li>The biggest equity reallocation trade ever seen in Japan off a single event.</li>
</ol>This was discussed to some extent in <a href="https://www.smartkarma.com/insights/ntt-docomo-the-three-arbs-and-the-great-re-allocation-trade" target="_blank" data-smartkarma-citation="insights:44115" rel="noopener">NTT Docomo: The Three Arbs and the Great Re-Allocation Trade</a>but details remained to be ironed out. That's happening now. <hr>Yesterday, the TSE let its TOPIX Index customers know that it would lower the Free Float Weight of <a href="https://www.smartkarma.com/entities/ntt-docomo-inc" target="_blank" data-smartkarma-citation="entities:1089:1" rel="noopener">NTT Docomo Inc (9437 JP)</a> in TOPIX at the close of the 27th of November.I had expected that they would wait until <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> presented its Demand For Cash Out to NTT Docomo - an event I would expect to occur on 24 November - and for the TSE to designate NTT Docomo a Security To Be Delisted on that day. If that happened, TOPIX and other TSE-calculated indices would remove NTT Docomo from their indices at the close of the third business day following such designation. That would be the 27th. It is possible NTT does its Demand for Cash Out on a different day. If that happens, then the trade is split. The important trade here, as I have been trying to impress on readers, is NOT the NTT Docomo deletion but the index portfolio management trades which happen because of it. NTT Docomo will be bought by arbitrageurs. But the index funds will have to buy the index ex-Docomo in the size that they own(ed) Docomo. That is - over the course of the TOPIX and JPX Nikkei 400 index deletions - not far from JPY 900 billion to buy. Details and trade suggestions below.

When NTT announced its proposed cash takeover of NTT Docomo, it meant two things. 
The biggest cash takeover ever seen in Japan.
The biggest equity reallocation trade ever seen in Japan off a single event.
This was discussed to some extent in NTT Docomo: The Three Arbs and the Great Re-Allocation Tradebut details remained to be ironed out. That's happening now. Yesterday, the TSE let its TOPIX Index customers know that it would lower the Free Float Weight of NTT Docomo Inc (9437 JP) in TOPIX at the close of the 27th of November.I had expected that they would wait until NTT (Nippon Telegraph &amp; Telephone) (9432 JP) presented its Demand For Cash Out to NTT Docomo - an event I would expect to occur on 24 November - and for the TSE to designate NTT Docomo a Security To Be Delisted on that day. If that happened, TOPIX and other TSE-calculated indices would remove NTT Docomo from their indices at the close of the third business day following such designation. That would be the 27th. It is possible NTT does its Demand for Cash Out on a different day. If that happens, then the trade is split. The important trade here, as I have been trying to impress on readers, is NOT the NTT Docomo deletion but the index portfolio management trades which happen because of it. NTT Docomo will be bought by arbitrageurs. But the index funds will have to buy the index ex-Docomo in the size that they own(ed) Docomo. That is - over the course of the TOPIX and JPX Nikkei 400 index deletions - not far from JPY 900 billion to buy. Details and trade suggestions below.

The Great Docomo/TOPIX Reallocation Trade

With the results of the <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> Tender Offer for <a href="https://www.smartkarma.com/entities/ntt-docomo-inc" target="_blank" data-smartkarma-citation="entities:1089:1" rel="noopener">NTT Docomo Inc (9437 JP)</a> announced yesterday, getting them to 91.46%, this triggers a fast-track change in the Nikkei 225 treatment based on a <a href="https://indexes.nikkei.co.jp/nkave/archives/news/20200615E_1.pdf" target="_blank" rel="noopener">rule change for constituent selection</a> announced on 15 June. This was discussed briefly in <a href="https://www.smartkarma.com/insights/surprising-ntt-docomo-tender-result-accelerates-squeezeout-great-re-allocation-nikkei-225-change" target="_blank" data-smartkarma-citation="insights:45412" rel="noopener">Surprising NTT Docomo Tender Result Accelerates Squeezeout, Great Re-Allocation, Nikkei 225 Change</a>.The relevant part of the rule change is shown below. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/172/461/original/Screenshot%202020-11-18%20at%202.53.16%20PM.png?1605682411" class="editor-image img-responsive" data-smartkarma-image-id="172461"></figure></section>The first time it was used was with the replacement for <a href="https://www.smartkarma.com/entities/sony-financial-holdings-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial Holdings (8729 JP)</a> where the clearance of 90% made delisting a foregone conclusion because it only required the parent to ask. The same is the case here. Today, the Nikkei Index Business Office <a href="https://indexes.nikkei.co.jp/nkave/archives/news/20201118E_1.pdf" target="_blank" rel="noopener">announced</a> the replacement for NTT Docomo in the Nikkei 225 Index. It is <a href="https://www.smartkarma.com/entities/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a> with a presumed par value of 50 yen. The change will be made at the close of trading on 1 December 2020 (8 trading days left). This is surprising. Very surprising. And it matters a lot.Due to the reverse 1:10 share split of end-2017, this should have been a presumed par value of 500 yen. I half wonder whether they made a typo and will correct it. The other possibility is that because it happened while the stock was in the Purgatorio of the Second Section, that data simply didn't register so they ignored it. Which would be a Very Bureaucratic Thing To Do.Details on the index rebalance trade below.

With the results of the NTT (Nippon Telegraph &amp; Telephone) (9432 JP) Tender Offer for NTT Docomo Inc (9437 JP) announced yesterday, getting them to 91.46%, this triggers a fast-track change in the Nikkei 225 treatment based on a rule change for constituent selection announced on 15 June. This was discussed briefly in Surprising NTT Docomo Tender Result Accelerates Squeezeout, Great Re-Allocation, Nikkei 225 Change.The relevant part of the rule change is shown below. The first time it was used was with the replacement for Sony Financial Holdings (8729 JP) where the clearance of 90% made delisting a foregone conclusion because it only required the parent to ask. The same is the case here. Today, the Nikkei Index Business Office announced the replacement for NTT Docomo in the Nikkei 225 Index. It is Sharp Corp (6753 JP) with a presumed par value of 50 yen. The change will be made at the close of trading on 1 December 2020 (8 trading days left). This is surprising. Very surprising. And it matters a lot.Due to the reverse 1:10 share split of end-2017, this should have been a presumed par value of 500 yen. I half wonder whether they made a typo and will correct it. The other possibility is that because it happened while the stock was in the Purgatorio of the Second Section, that data simply didn't register so they ignored it. Which would be a Very Bureaucratic Thing To Do.Details on the index rebalance trade below.

NTT Docomo Delisting; Nikkei 225 Replacement Is SHARP (6753) - With a Surprise

Japan

NTT DOCOMO, INC. provides various types of telecommunication services including cellular phones, satellite mobile communication, and wireless LAN Network. The Company also sells cellular phones, and other equipment.

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NTT Docomo Inc (9437 JP)

(Mostly) Asia M&A: November 2020 Roundup

The average premium for the new deals announced (or first discussed) in November was ~29% and the YTD average premium for all deals discussed on...

David Blennerhassett

Last Week in Event SPACE: Tokyo Dome, ESR/Sabana, NTT Docomo, Evergrande, LG Corp, China Resources

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

The Other Docomo Selldown and TOPIX Buy

NTT made a Demand for Shares Cash Out to NTT Docomo today and Docomo approved, triggering the delisting decision/designation. This means a further...

Travis Lundy

The Great Docomo/TOPIX Reallocation Trade

The biggest part of the Great NTT Docomo Re-Allocation Trade is here. Lots to do on 27 November. There are baskets to trade and biases to hedge....

Travis Lundy

NTT Docomo Delisting; Nikkei 225 Replacement Is SHARP (6753) - With a Surprise

In Sharp (6753) Nikkei has offered an unsurprising replacement for Docomo in the Nikkei 225, but the terms are unexpected (and a trifle...

Travis Lundy

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