Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shinsegae Eng & Construction / Event-Driven

<ul>
<li>Construction services play <a href="https://www.smartkarma.com/entities/shinsegae-eng-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:11972:1" rel="noopener">Shinsegae E&amp;C (034300 KS)</a> has announced a Tender Offer from <a href="https://www.smartkarma.com/entities/e-mart-inc" target="_blank" data-smartkarma-citation="entities:6993:1" rel="noopener">E Mart  (139480 KS)</a> for 27.33% of shares out, at ₩18,300/share, a 14% premium to undisturbed.</li>
<li>E Mart holds 70.46% - and the company holds 2.21% in treasuries - therefore, E Mart  requires ~22% of the remaining ~27% held by minorities to tender and force delisting. </li>
<li>Super clean deal.  E Mart will acquire all shares tendered. The Offer  kicks off today, and closes on the 29th October. There is no minimum tendering % condition.</li>
</ul>


Construction services play Shinsegae E&amp;C (034300 KS) has announced a Tender Offer from E Mart  (139480 KS) for 27.33% of shares out, at ₩18,300/share, a 14% premium to undisturbed.
E Mart holds 70.46% - and the company holds 2.21% in treasuries - therefore, E Mart  requires ~22% of the remaining ~27% held by minorities to tender and force delisting. 
Super clean deal.  E Mart will acquire all shares tendered. The Offer  kicks off today, and closes on the 29th October. There is no minimum tendering % condition.


Shinsegae E&C (034300 KS)'s Delisting Offer

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>E Mart Inc (139480 KS) is conducting a tender offer of 27.33% of Shinsegae Eng &amp; Construction (034300 KS) (2,126,611 shares) and trying to take the company private afterwards.</li>
<li>The tender offer price is 18,300 won, which is 14% higher than the closing price on Friday (27 September).</li>
<li>Tender offer is likely to result in higher price of Shinsegae E&amp;C in the near term but it could be difficult for E Mart to take it private this year. </li>
</ul>


E Mart Inc (139480 KS) is conducting a tender offer of 27.33% of Shinsegae Eng &amp; Construction (034300 KS) (2,126,611 shares) and trying to take the company private afterwards.
The tender offer price is 18,300 won, which is 14% higher than the closing price on Friday (27 September).
Tender offer is likely to result in higher price of Shinsegae E&amp;C in the near term but it could be difficult for E Mart to take it private this year. 


Tender Offer and Taking Private of Shinsegae E&C by E Mart

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>E Mart Inc is launching a tender offer for 27.33% of Shinsegae Eng &amp; Construction, offering ₩18,300 per share, a 14% premium, from September 30 to October 29.</li>
<li>This tender’s got zero cancellation or proration risk since they’re all in to buy every share tendered. That makes it a prime event for close spread tracking and trading opportunities.</li>
<li>Emart needs 95% of Shinsegae Construction's shares to delist, requiring 22% of the remaining 27%. If they can't get it, a stock swap with Emart shares is likely.</li>
</ul>


E Mart Inc is launching a tender offer for 27.33% of Shinsegae Eng &amp; Construction, offering ₩18,300 per share, a 14% premium, from September 30 to October 29.
This tender’s got zero cancellation or proration risk since they’re all in to buy every share tendered. That makes it a prime event for close spread tracking and trading opportunities.
Emart needs 95% of Shinsegae Construction's shares to delist, requiring 22% of the remaining 27%. If they can't get it, a stock swap with Emart shares is likely.


Emart's Tender Offer for Shinsegae Construction: Arb Trading Angles

<ul>
<li>In this insight, we review the major tender offers of Korean companies in 2024. The tender offers have mostly been profitable for the investors in these targeted companies.</li>
<li>What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week and month.</li>
<li>The number of tender offers in Korea increased from 6 in 2020 to 12 in 2021, 7 in 2022, 18 in 2023, and 28 in 2024.</li>
</ul>


In this insight, we review the major tender offers of Korean companies in 2024. The tender offers have mostly been profitable for the investors in these targeted companies.
What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week and month.
The number of tender offers in Korea increased from 6 in 2020 to 12 in 2021, 7 in 2022, 18 in 2023, and 28 in 2024.


A Review of Tender Offers in Korea in 2024

Canvest Environmental Protection Group / Event-Driven

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Four new deals discussed this week: Schemes for <a href="https://www.smartkarma.com/entities/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a> and <a href="https://www.smartkarma.com/entities/cm-hi-tech-cleanroom-limited" target="_blank" data-smartkarma-citation="entities:44057:1" rel="noopener">CM Hi-Tech (2115 HK)</a>, and Tender Offers for <a href="https://www.smartkarma.com/entities/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec (2715 JP)</a> and <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks (1973 JP)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/hotel-property-investments" target="_blank" data-smartkarma-citation="entities:9850:1" rel="noopener">Hotel Property Investments (HPI AU)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a> and <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a>.</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals discussed this week: Schemes for Beijing Capital Grand (1329 HK) and CM Hi-Tech (2115 HK), and Tender Offers for Elematec (2715 JP) and Nec Networks (1973 JP).
Key updates took place on: Hotel Property Investments (HPI AU), Canvest Environmental Protection Group (1381 HK) and Capitol Health (CAJ AU).


(Mostly) Asia-Pac M&A: Beijing Capital Grand, Elematec, Nec Networks, Hotel Property Invest, Canvest

South Korea

Shinsegae Engineering & Construction Co., Ltd. specializes in designing and building discount stores, distribution centers, and department stores.  The Company also operates leisure businesses, such as golf courses and country clubs.

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Shinsegae Eng & Construction (034300 KS)

Shinsegae E&C (034300 KS)'s Delisting Offer

Trading tight at a gross spread of 0.8% - before securities tax. Not much juice for arbers. Unless there was a material pullback. For LOs - if not...

David Blennerhassett

Tender Offer and Taking Private of Shinsegae E&C by E Mart

The tender offer is likely to result in higher share price of Shinsegae E&C in the near term but it could be difficult for E Mart to take the...

Douglas Kim

Emart's Tender Offer for Shinsegae Construction: Arb Trading Angles

Emart is about to drop a regulatory filing for a tender offer targeting Shinsegae Construction shareholders before the market opens today. This...

Sanghyun Park

A Review of Tender Offers in Korea in 2024

In this insight, we review the major tender offers of Korean companies in 2024. The tender offers have mostly been profitable for the investors in...

Douglas Kim

(Mostly) Asia-Pac M&A: Beijing Capital Grand, Elematec, Nec Networks, Hotel Property Invest, Canvest

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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