Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

<a href="http://www.smartkarma.com/insight_providers/5" target="_blank">Arzish</a> <a href="http://www.smartkarma.com/insights/samsung-c-t-too-big-to-cheil" target="_blank">wrote</a> about the Cheil Industries' and Samsung C&amp;T deal about 10 days ago, just after the news came out of the merger. Most of the media talk in the immediate aftermath of the announcement was about this being the method "Jay Y" Lee was going to use to consolidate next generation Lee family control of Samsung Group. Very little was about valuation, which puzzled me.  And nothing was made of the EGREGIOUS (had to get that in there) decision by Samsung C&amp;T's board to recommend the merger at those terms. It is easy to see why Cheil Industries and the Lee family want to do the deal. It is far tougher to see why C&amp;T would see the merit in any deal, and absolutely ludicrous that they would agree to the terms. Due to the KRW cross, this time it is trillions being left on the table!   :-PShares in both Cheil and Samsung C&amp;T jumped on the announcement, as Arzish noted. Then both shares spent about a week consolidating those gains.On June 3rd, Samsung Electronics' head of IR at an investor forum at the Hotel Shilla (run by Samsung chairman Lee's sister Boojin Lee) had to quash market speculation about a possible merger between Sammy and SDS (SDS had been up 30% in the shortly preceding period on just such speculation). Such a deal might also make sense if the C&amp;T deal gets blocked. The next day, US$26bn global pain-in-the-tuchus-to-would-be-unfair-deals investor Elliot Associates LP announced it had purchased a larger stake in Samsung C&amp;T - now 7.12% - with an intention to participate in management. HERE BEGINS THE FUN. Elliot has just made the situation VERY interesting. If you want to help make it more fun, you'd better hurry. The record date for closure of the shareholder registry for the vote is June 11.The below is a brief (ha!) thought piece on the situation, which I hope will generate follow-on pieces, discussions, and comments to come. The register may close this week but the debate will roll on in the public space for weeks to come.

Arzish wrote about the Cheil Industries' and Samsung C&amp;T deal about 10 days ago, just after the news came out of the merger. Most of the media talk in the immediate aftermath of the announcement was about this being the method "Jay Y" Lee was going to use to consolidate next generation Lee family control of Samsung Group. Very little was about valuation, which puzzled me.  And nothing was made of the EGREGIOUS (had to get that in there) decision by Samsung C&amp;T's board to recommend the merger at those terms. It is easy to see why Cheil Industries and the Lee family want to do the deal. It is far tougher to see why C&amp;T would see the merit in any deal, and absolutely ludicrous that they would agree to the terms. Due to the KRW cross, this time it is trillions being left on the table!   :-PShares in both Cheil and Samsung C&amp;T jumped on the announcement, as Arzish noted. Then both shares spent about a week consolidating those gains.On June 3rd, Samsung Electronics' head of IR at an investor forum at the Hotel Shilla (run by Samsung chairman Lee's sister Boojin Lee) had to quash market speculation about a possible merger between Sammy and SDS (SDS had been up 30% in the shortly preceding period on just such speculation). Such a deal might also make sense if the C&amp;T deal gets blocked. The next day, US$26bn global pain-in-the-tuchus-to-would-be-unfair-deals investor Elliot Associates LP announced it had purchased a larger stake in Samsung C&amp;T - now 7.12% - with an intention to participate in management. HERE BEGINS THE FUN. Elliot has just made the situation VERY interesting. If you want to help make it more fun, you'd better hurry. The record date for closure of the shareholder registry for the vote is June 11.The below is a brief (ha!) thought piece on the situation, which I hope will generate follow-on pieces, discussions, and comments to come. The register may close this week but the debate will roll on in the public space for weeks to come.

Samsung C&T:  Completely the Wrong Price - TRILLIONS being left on the table

South Korea

Samsung C&T Corporation provides chemicals services. The Company manufactures chemicals, wholesales and distributes chemicals for agricultural purposes. Samsung C&T serves clients in Korea.

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Samsung C&T Corp/Old (000830 KS)

Samsung C&T: Completely the Wrong Price - TRILLIONS being left on the table

Arzish wrote about the Cheil Industries' and Samsung C&T deal about 10 days ago, just after the news came out of the merger. Most of the media...

Travis Lundy

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