Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

On Tuesday 22 June after the close, the CEO of <a href="https://www.smartkarma.com/entities/oliver-corp" target="_blank" data-smartkarma-citation="entities:8497:1" rel="noopener">Oliver Corp (7959 JP)</a> - a Japanese interior design and furniture company - and Integral KK, a small private equity firm in Japan with a couple dozen small deals under its belt, announced an MBO for the company. The founder is 90 years old. His son is 59 years old. The company is 52% held by insiders and crossholders (at a minimum). Foreigners own 0.7% of this company. Because of the name of the company and the lightness of the bid which could make investors feel a little peckish, I offer a modern take on the old tale.<iframe src="https://www.youtube.com/embed/SqnPmnrVmQY" width="840" height="472" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="allowfullscreen"></iframe>The Company is significantly cash-rich. The market cap at takeout price is ¥38.6bn but net cash and securities are close to ¥25bn. The forecast for forward EBITDA appears to take a sharp hit from this year onward despite ongoing record sales expectations. Hmmm... The ¥3,781/share offered is probably a bit light. I estimate this deal should be done at ¥4600-5000/share. But it will be tough to block.Much more below the fold.

On Tuesday 22 June after the close, the CEO of Oliver Corp (7959 JP) - a Japanese interior design and furniture company - and Integral KK, a small private equity firm in Japan with a couple dozen small deals under its belt, announced an MBO for the company. The founder is 90 years old. His son is 59 years old. The company is 52% held by insiders and crossholders (at a minimum). Foreigners own 0.7% of this company. Because of the name of the company and the lightness of the bid which could make investors feel a little peckish, I offer a modern take on the old tale.The Company is significantly cash-rich. The market cap at takeout price is ¥38.6bn but net cash and securities are close to ¥25bn. The forecast for forward EBITDA appears to take a sharp hit from this year onward despite ongoing record sales expectations. Hmmm... The ¥3,781/share offered is probably a bit light. I estimate this deal should be done at ¥4600-5000/share. But it will be tough to block.Much more below the fold. 

Oliver (7959 JP) MBO - Please Sir, I Want Some More!

Japan

OLIVER CORPORATION manufactures and distributes furniture and home interiors. The Company imports North & Central American furniture through a subsidiary in the United States.  Oliver also has a subsidiary which produces and sells information equipment and software.

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Oliver (7959 JP) MBO - Please Sir, I Want Some More!

Office and retail space designer and furnisher Oliver Inc is being taken private in an MBO. The founder is 90. The CEO is his son. They are...

Travis Lundy