Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Ps Mitsubishi Construction / Event-Driven

<ul>
<li>Last week, as <a href="https://www.smartkarma.com/entities/ps-mitsubishi-construction" target="_blank" data-smartkarma-citation="entities:16582:1" rel="noopener">Ps Mitsubishi Construction (1871 JP)</a> reported earnings, <a href="https://www.smartkarma.com/entities/taisei-corp" target="_blank" data-smartkarma-citation="entities:7896:1" rel="noopener">Taisei Corp (1801 JP)</a> announced a Partial Offer for PS Mitsubishi, buying out Ube Cement &amp; Taiheiyo Cement stakes.</li>
<li>Partial offers have recently traded well before the close, and badly after the result. As we near year-end, this one could trade a bit softer, suggesting a lower back end.</li>
<li>Shareholder Structure, Pro-ration analysis, and back end calculation grids below. </li>
</ul>


Last week, as Ps Mitsubishi Construction (1871 JP) reported earnings, Taisei Corp (1801 JP) announced a Partial Offer for PS Mitsubishi, buying out Ube Cement &amp; Taiheiyo Cement stakes.
Partial offers have recently traded well before the close, and badly after the result. As we near year-end, this one could trade a bit softer, suggesting a lower back end.
Shareholder Structure, Pro-ration analysis, and back end calculation grids below. 


Taisei Corp (1801) Partial Tender for PS Mitsubishi Construction (1871)

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ps-mitsubishi-construction" target="_blank" data-smartkarma-citation="entities:16582:1" rel="noopener">Ps Mitsubishi Construction (1871 JP)</a>/PSMIC announced a partial tender offer for <a href="https://www.smartkarma.com/entities/taisei-corp" target="_blank" data-smartkarma-citation="entities:7896:1" rel="noopener">Taisei Corp (1801 JP)</a> at JPY1,010 per share, a 22.4% premium to the undisturbed price. </li>
<li>The partial offer is for a minimum of 20.4 million shares (42.94% ownership ratio) and a maximum of 23.8 million shares (50.20% ownership ratio). </li>
<li>Irrevocables represent a 42.94% ownership ratio, satisfying the minimum acceptance condition. The offer is attractive and represents a ten-year high. The tender offer runs from 10 November to 11 December.</li>
</ul>



Ps Mitsubishi Construction (1871 JP)/PSMIC announced a partial tender offer for Taisei Corp (1801 JP) at JPY1,010 per share, a 22.4% premium to the undisturbed price. 
The partial offer is for a minimum of 20.4 million shares (42.94% ownership ratio) and a maximum of 23.8 million shares (50.20% ownership ratio). 
Irrevocables represent a 42.94% ownership ratio, satisfying the minimum acceptance condition. The offer is attractive and represents a ten-year high. The tender offer runs from 10 November to 11 December.


P.S. Mitsubishi Construction (1871 JP): Taisei’s Partial Tender Offer

Japan

P.S. Mitsubishi Construction Co., Ltd. designs, builds, and maintains various bridges with pre-stressed concrete technology.  The Company, affiliated with Mitsubishi Materials Corp., also constructs buildings, harbors, and disaster prevention facilities.  P.S. Mitsubishi Construction forms paving works at wharf and airport.  The Company also manufactures concrete construction materials.

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Ps Mitsubishi Construction (1871 JP)

Taisei Corp (1801) Partial Tender for PS Mitsubishi Construction (1871)

GC Taisei Corp announced a Partial Offer for PS Mitsubishi to go to 50.2%. Ube and Taiheiyo Cement will sell. Partial Offers have traded badly on...

Travis Lundy

P.S. Mitsubishi Construction (1871 JP): Taisei’s Partial Tender Offer

Irrevocables represent a 42.94% ownership ratio, satisfying the minimum acceptance condition. The offer is attractive and represents a ten-year...

Arun George

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