Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>This is part of a series of M&amp;A guides that our Quiddity* <a href="https://www.smartkarma.com/companies/quiddity-advisors/team" target="_blank" rel="noopener">team</a> is publishing to aid investors in understanding the rules, parameters, possibilities, and processes in M&amp;A. </li>
<li>They are designed to contain links to all the relevant rules, oversight entities, and provide details as to how M&amp;A is conducted and what rules apply.</li>
<li>In many of the insights on deals in specific markets and countries, these insights will be used as points of reference. </li>
</ul>


This is part of a series of M&amp;A guides that our Quiddity* team is publishing to aid investors in understanding the rules, parameters, possibilities, and processes in M&amp;A. 
They are designed to contain links to all the relevant rules, oversight entities, and provide details as to how M&amp;A is conducted and what rules apply.
In many of the insights on deals in specific markets and countries, these insights will be used as points of reference. 


Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings</a> Tender Offer for <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank</a> ended with SBI getting 47.77%, and tender offer pro-ration at 100%. Either someone big, or a lot of people stayed away.</li>
<li>Friday saw Murakami-san's City Index Elevens entity file an amended Large Shareholder Filing saying they owned zero shares. So it turns out he tendered everything, and float is elsewhere.</li>
<li>The reaction post-tender Monday indicated someone was wrong. The reaction Tuesday/Wednesday indicated others did. Thursday/Friday index selldowns were flat to Tender Price. Now we have a new, somewhat unexpected conundrum.</li>
</ul>


The SBI Holdings Tender Offer for Shinsei Bank ended with SBI getting 47.77%, and tender offer pro-ration at 100%. Either someone big, or a lot of people stayed away.
Friday saw Murakami-san's City Index Elevens entity file an amended Large Shareholder Filing saying they owned zero shares. So it turns out he tendered everything, and float is elsewhere.
The reaction post-tender Monday indicated someone was wrong. The reaction Tuesday/Wednesday indicated others did. Thursday/Friday index selldowns were flat to Tender Price. Now we have a new, somewhat unexpected conundrum.


Shinsei Bank (8303) - Now We Know Where the Float Is And It Is NOT In Murakami-San's Hands

David Blennerhassett

<ul>
<li>There are currently 47  - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deals this week: <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus (VRT AU)</a>'s Offer from BGH; <a href="https://www.smartkarma.com/entities/apollo-tourism-leisure-ltd" target="_blank" data-smartkarma-citation="entities:24305:1" rel="noopener">Apollo Tourism (ATL AU)</a> / <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism (THL NZ)</a>'s merger; <a href="https://www.smartkarma.com/entities/shriram-transport-finance" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Transport (SHTF IN)</a> / <a href="https://www.smartkarma.com/entities/shriram-city-union-finance" target="_blank" data-smartkarma-citation="entities:2718:1" rel="noopener">Shriram City (SCUF IN)</a> merger.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a>, <a href="https://www.smartkarma.com/entities/first-service-holding-ltd" target="_blank" data-smartkarma-citation="entities:34884:1" rel="noopener">First Service Holding (2107 HK)</a>, and <a href="https://www.smartkarma.com/entities/kansai-super-market-ltd" target="_blank" data-smartkarma-citation="entities:15519:1" rel="noopener">Kansai Super Market (9919 JP)</a>. <a href="https://www.smartkarma.com/entities/senex-energy-ltd" target="_blank" data-smartkarma-citation="entities:18390:1" rel="noopener">Senex Energy (SXY AU)</a> also firmed its Offer with Posco.</li>
</ul>


There are currently 47  - mostly firm - transactions currently being discussed and analysed on Smartkarma.
Three new deals this week: Virtus (VRT AU)'s Offer from BGH; Apollo Tourism (ATL AU) / Tourism (THL NZ)'s merger; Shriram Transport (SHTF IN) / Shriram City (SCUF IN) merger.
Keys updates took place for: Shinsei Bank (8303 JP), First Service Holding (2107 HK), and Kansai Super Market (9919 JP). Senex Energy (SXY AU) also firmed its Offer with Posco.


Asia-Pac Weekly Risk Arb Summary: Virtus Health, Senex Energy, Shinsei Bank, Shiriam, Kansai Super

<ul>
<li>The SBI Tender obtained 56.92mm shares out of 58.21mm shares max. Pro-ration was 100% and SBI now owns 47.77%. </li>
<li>The data suggests Murakami-related holders tendered at least some of their shares. Real World Float (RWF) at the end of the coming week will be ~15-16% of TSO less Treasury.</li>
<li>Now we have a back-end and future squeeze-out trade which will be coloured by SBI taking control, "fair value" valuations, and the possibility of a pre-squeezeout squeeze of RWF.</li>
</ul>


The SBI Tender obtained 56.92mm shares out of 58.21mm shares max. Pro-ration was 100% and SBI now owns 47.77%. 
The data suggests Murakami-related holders tendered at least some of their shares. Real World Float (RWF) at the end of the coming week will be ~15-16% of TSO less Treasury.
Now we have a back-end and future squeeze-out trade which will be coloured by SBI taking control, "fair value" valuations, and the possibility of a pre-squeezeout squeeze of RWF.


SBI Tender on Shinsei Successful. Goes to 47.77%. The BIG Question Is... Who Owns The Float?

<ul>
<li>There are currently 45  - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>One new deal this week: <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon (8267 JP)</a>-controlled supermarket companies <a href="https://www.smartkarma.com/entities/fuji-co-ltd-ehime" target="_blank" data-smartkarma-citation="entities:11419:1" rel="noopener">Fuji (8278 JP)</a> and <a href="https://www.smartkarma.com/entities/maxvalu-nishinihon-co-ltd" target="_blank" data-smartkarma-citation="entities:13743:1" rel="noopener">Maxvalu Nishinihon (8287 JP)</a> announced the Exchange Ratio for the first stage of their integration process.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a>, <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a>, <a href="https://www.smartkarma.com/entities/kansai-super-market-ltd" target="_blank" data-smartkarma-citation="entities:15519:1" rel="noopener">Kansai Super Market (9919 JP)</a>, and <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Shanghai Jin Jiang Capital Company Limited (2006 HK)</a>.</li>
</ul>


There are currently 45  - mostly firm - transactions currently being discussed and analysed on Smartkarma.
One new deal this week: Aeon (8267 JP)-controlled supermarket companies Fuji (8278 JP) and Maxvalu Nishinihon (8287 JP) announced the Exchange Ratio for the first stage of their integration process.
Keys updates took place for: Shinsei Bank (8303 JP), Sydney Airport (SYD AU), Kansai Super Market (9919 JP), and Shanghai Jin Jiang Capital Company Limited (2006 HK).


Asia-Pac Weekly Risk Arb Summary: Shinsei Bank, Sydney Airports, Kansi Super, Shanghai Jin Jiang

Japan

The Bank of Kyoto, Ltd. is a regional bank in Kyoto.  The Bank provides banking services including deposits, savings, loans, foreign exchange transactions, and securities investments.  The Bank of Kyoto also provides financial services such as letter of credit, leasing, loans, and credit cards.

Mebuki Financial Group Inc. is a holding company established through the merger of Joyo Bank and Ashikaga Bank. As a financial group, the Company offers deposits, Loans, foreign exchange transactions, commercial and trust banking. Mebuki Financial Group also provides financial services such as letter of credit, credit cards and consulting.

The Hachijuni Bank, Ltd. is a regional bank based in Nagano Prefecture. The Bank provides banking services such as deposits, loans, foreign exchange transactions, and trust accounts. The Bank also provides financial services such as leasing, credit cards, credit guarantee, debt recovery, trading, and venture capital and operates branches overseas.

Rakuten Bank, Ltd. operates as an Internet based bank. The Company provides banking services including deposits, loans, exchange transactions, and other services. Rakuten Bank also provides financial services including investment trusts, securities, credit and cash cards, lottery tickets, and others.

Fukuoka Financial Group, Inc. is a holding company established through the merger of the Bank of Fukuoka and Kumamoto Family Bank. As a financial group, the Company provides banking services including deposits, loans, foreign currency transactions. The Company also provides other financial services such as credit card, letter of credit, and leasing services.

Aozora Bank, Ltd. provides banking services including deposits, savings, loans, foreign exchange transactions, and securities investments. Aozora Bank also provides services such as trust account, resolution and collection, and venture capital.

The 77 Bank, Ltd. is a regional bank in Tohoku area.  The Bank provides general banking services including deposits, loans, and exchange transactions. The Bank also provides others financial services such as securities brokerage, trust banking, letter of credit, leasing, credit cards, and computer services.

The Gunma Bank, Ltd. is a regional bank based in Gunma Prefecture.  The Bank provides banking services such as deposits, loans, and foreign exchange transaction.  The Gunma Bank also provides financial services such as leasing, credit cards, letter of credit, and investment advisory, and develops information systems.

Yamaguchi Financial Group, Inc. is a holding company established through the merger of Yamaguchi Bank and Momiji Holdings. The Group provides variety of financial services such as deposits, loans, foreign exchange transactions, leasing and credit cards.

Kyushu Financial Group, Inc. is a holding company established through the merger of Higo Bank and Kagoshima Bank.  The Bank provides banking services such as deposits, loans, and exchange transactions.  Kyushu Financial Group also provides other financial services including security brokerage, credit cards, leasing, and letters of credit.

Atlantic Union Bankshares Corporation provides banking services. The Bank checking accounts, lending, credit cards, online and mobile banking, and wealth and treasury management services. Atlantic Union Bankshares serves customers in the United States.

International Bancshares Corporation, through its bank subsidiaries, provides commercial and retail banking services through offices in south and southeast Texas.  The Bank accepts deposits from the general public and uses those funds to make a variety of loans.

Fulton Financial Corporation is a multi-bank holding company. The Banks offer a full range of general retail and commercial banking services, including deposits, loans, equipment leasing and financing, and credit cards. Fulton operates in Pennsylvania, Maryland, Delaware, and New Jersey.

The Bank of East Asia, Limited and its subsidiaries provide general banking, related financial, business corporate, and investor services.

Huishang Bank Corporation Limited is a commercial bank. The Bank provides banking services including loans, money market operations, treasury business, investment and trading services, and valet transactions.

Hong Leong Financial Group Berhad is a banking and financial services holding company. The Company provides a range of services including commercial and consumer banking, investment banking, and insurance broking. Through its subsidiaries, Hong Leong Financial underwrites life/general insurance, provides funds management, corporate advisory, and stock and share broking services.

Ameris Bancorp is a multi-bank holding company. The Banks provide a broad range of retail and commercial banking services to its customers, including checking and savings deposits, commercial and consumer loans, trust services, discount brokerage services, and electronic funds transfer services. Ameris Bancorp operates in Georgia, Florida, and Alabama.

United Community Banks, Inc. is a multi-bank holding company with locations throughout north Georgia and western North Carolina.  The Banks are community oriented and offer retail and corporate banking services including checking, savings, and time deposit accounts, secured and unsecured loans, wire transfers, trust services, and rental of safe deposit boxes.

Associated Banc-Corp is a Midwest banking franchise headquartered in Green Bay, Wisconsin. The Bank offers a full range of financial products and services through banking locations serving communities throughout Wisconsin, Illinois, and Minnesota, and commercial financial services in Indiana, Michigan, Missouri, Ohio and Texas.

ServisFirst Bancshares Inc. operates as the holding company for ServisFirst Bank that provides consumer and commercial banking services. The Company offers various deposit products, such as demand, time, and savings deposits, as well as negotiable orders of withdrawal accounts, checking accounts, money market accounts, certificates of deposit, and IRA accounts.

SBI Shinsei Bank, Ltd. provides banking services including deposits, loans, and foreign exchange transaction, as well as investment trust service and issuance of long-term bonds.

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SBI Shinsei Bank (8303 JP)

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SBI Tender on Shinsei Successful. Goes to 47.77%. The BIG Question Is... Who Owns The Float?

The SBI TOB for Shinsei is done. They got to 47.77%; pro-ration was 100%. 3.5% of shares out traded Thurs-Fri and Murakami-san likely tendered some...

Travis Lundy

Asia-Pac Weekly Risk Arb Summary: Shinsei Bank, Sydney Airports, Kansi Super, Shanghai Jin Jiang

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

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