Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today saw the publication of three different articles regarding the <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> approach and offer to purchase all the shares of <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> </li>
<li>The first in the Nikkei said ATD could push offer a high price, even up to ¥8 trillion. The second mentioned debt financing being feasible because of prodigious cash flow.</li>
<li>The third in Bloomberg noted that 7&amp;i had requested the government upgrade its FEFTA status to "core", which would lead to a more burdensome/restrictive government approval process.</li>
</ul>


Today saw the publication of three different articles regarding the Alimentation Couche-Tard (ATD CN) approach and offer to purchase all the shares of Seven &amp; I Holdings (3382 JP) 
The first in the Nikkei said ATD could push offer a high price, even up to ¥8 trillion. The second mentioned debt financing being feasible because of prodigious cash flow.
The third in Bloomberg noted that 7&amp;i had requested the government upgrade its FEFTA status to "core", which would lead to a more burdensome/restrictive government approval process.


Updates on The Couche-Tard Deal for 7&I (3382 JP)

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard</a> has returned to the well with a NBIO for <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">7&amp;I (3382 JP)</a>. This'll be anathema to politicians who view 7&amp;i as a local champion AND a lifeline entity.</li>
<li>Global travel outfit <a href="https://www.smartkarma.com/entities/webjet-ltd" target="_blank" data-smartkarma-citation="entities:17059:1" rel="noopener">Webjet Ltd (WEB AU)</a> has announced the separation of its two key divisions. The sum of the part is greater than the whole? I'll take that bet.</li>
<li>The Kim family turn their focus to <a href="https://www.smartkarma.com/entities/hanwha-galleria-corp" target="_blank" data-smartkarma-citation="entities:39998:1" rel="noopener">Hanwha Galleria (452260 KS)</a> in the latest Partial Offer within the Hanwha Group complex. </li>
</ul>



Alimentation Couche-Tard has returned to the well with a NBIO for 7&amp;I (3382 JP). This'll be anathema to politicians who view 7&amp;i as a local champion AND a lifeline entity.
Global travel outfit Webjet Ltd (WEB AU) has announced the separation of its two key divisions. The sum of the part is greater than the whole? I'll take that bet.
The Kim family turn their focus to Hanwha Galleria (452260 KS) in the latest Partial Offer within the Hanwha Group complex. 


Last Week in Event SPACE: Seven & I Holdings, Webjet, Hanwha Group, Swire Pac/Props, EOFlow

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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> delayed its Nasdaw IPO, <a href="https://www.smartkarma.com/entities/99-speed-mart-retail-holdings" target="_blank" data-smartkarma-citation="entities:40977:1" rel="noopener">99 Speed Mart Retail Holdings (99SPD MK)</a> launched a US$530 million IPO.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/iriso-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:2801:1" rel="noopener">Iriso Electronics (6908 JP)</a>, <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl Corp (4921 JP)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, GA Pack.
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: WeRide (WRD US) delayed its Nasdaw IPO, 99 Speed Mart Retail Holdings (99SPD MK) launched a US$530 million IPO.
Event-Driven developments: Seven &amp; I Holdings (3382 JP), Iriso Electronics (6908 JP), Fancl Corp (4921 JP), China Traditional Chinese Medicine (570 HK), Shanghai Henlius Biotech (2696 HK), GA Pack.



Weekly Deals Digest (25 Aug) - Seven & I, Iriso, Fancl, Alps Logistics, China TCM, Henlius, GA Pack

<ul>
<li>The largest potential inbound cross-border M&amp;A in years - for a national champion no less - gets a lot of press coverage. </li>
<li>This morning, a Nikkei <a href="https://asia.nikkei.com/Business/Business-deals/Seven-i-s-proposed-buyout-to-require-preapproval-by-Japan" target="_blank" rel="noopener">article</a> noted <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> was likely to need "prior approval" from Japanese regulatory authorities for its takeover "the Nikkei has learned."</li>
<li>It wasn't difficult for the Nikkei to learn that. METI publishes a FEFTA List. 7&amp;i has been on it for years as Type II Designated Business, requiring prior approval.</li>
</ul>


The largest potential inbound cross-border M&amp;A in years - for a national champion no less - gets a lot of press coverage. 
This morning, a Nikkei article noted Alimentation Couche-Tard (ATD CN) was likely to need "prior approval" from Japanese regulatory authorities for its takeover "the Nikkei has learned."
It wasn't difficult for the Nikkei to learn that. METI publishes a FEFTA List. 7&amp;i has been on it for years as Type II Designated Business, requiring prior approval.


Couche-Tard Bid for 7&I (3382) - FEFTA and Economic Security

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>It was reported yesterday that <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> has put forward a bold proposal to acquire <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>.</li>
<li>The offer price remains undisclosed, but the market may be anticipating a significant premium based on the share price movement following the news.</li>
<li>However, we believe the offer price could fall short of market expectations, and it is likely that Seven &amp; i will reject the proposal.</li>
</ul>


It was reported yesterday that Alimentation Couche-Tard (ATD CN) has put forward a bold proposal to acquire Seven &amp; I Holdings (3382 JP).
The offer price remains undisclosed, but the market may be anticipating a significant premium based on the share price movement following the news.
However, we believe the offer price could fall short of market expectations, and it is likely that Seven &amp; i will reject the proposal.


Couche-Tard Targets Seven & I: Seven & I's Pride on the Line

Japan

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

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Seven & I Holdings (3382 JP)

Updates on The Couche-Tard Deal for 7&I (3382 JP)

The ATD deal for 3382 will be long-dated. It will take months, not weeks. Effectively, both parties want 3382's share price higher. If higher,...

Travis Lundy

Last Week in Event SPACE: Seven & I Holdings, Webjet, Hanwha Group, Swire Pac/Props, EOFlow

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

Weekly Deals Digest (25 Aug) - Seven & I, Iriso, Fancl, Alps Logistics, China TCM, Henlius, GA Pack

Last week, notable developments occurred in Event-Driven (Seven & I, Iriso, Fancl, Alps Logistics, China TCM, Henlius, GA Pack, APM) and ECM (99...

Arun George

Couche-Tard Bid for 7&I (3382) - FEFTA and Economic Security

The ATD bid for 7&i is subject to Prior Notification under FEFTA. This is not news, or special. It is and was known. But I expect that price is far...

Travis Lundy

Couche-Tard Targets Seven & I: Seven & I's Pride on the Line

Alimentation Couche-Tard makes bold proposal to acquire Seven & I Holdings, but offer price may fall short of market expectations.

Oshadhi Kumarasiri

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Updates on The Couche-Tard Deal for 7&I (3382 JP)

The ATD deal for 3382 will be long-dated. It will take months, not weeks. Effectively, both parties want 3382's share price higher. If higher,...

Travis Lundy

Last Week in Event SPACE: Seven & I Holdings, Webjet, Hanwha Group, Swire Pac/Props, EOFlow

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

Weekly Deals Digest (25 Aug) - Seven & I, Iriso, Fancl, Alps Logistics, China TCM, Henlius, GA Pack

Last week, notable developments occurred in Event-Driven (Seven & I, Iriso, Fancl, Alps Logistics, China TCM, Henlius, GA Pack, APM) and ECM (99...

Arun George

Couche-Tard Bid for 7&I (3382) - FEFTA and Economic Security

The ATD bid for 7&i is subject to Prior Notification under FEFTA. This is not news, or special. It is and was known. But I expect that price is far...

Travis Lundy

Couche-Tard Targets Seven & I: Seven & I's Pride on the Line

​Alimentation Couche-Tard makes bold proposal to acquire Seven & I Holdings, but offer price may fall short of market expectations.

Oshadhi Kumarasiri

Alimentation Couche-Tard makes bold proposal to acquire Seven & I Holdings, but offer price may fall short of market expectations.