Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The parent company of <a href="https://www.smartkarma.com/entities/shl-japan-ltd" target="_blank" data-smartkarma-citation="entities:11571:1" rel="noopener">SHL Japan Ltd (4327 JP)</a>'s largest shareholder is buying out its main customer in Japan. </li>
<li>This is an LBO/MBO situation, and friends and family get it to 63% or so. A tiny sliver from others gets it over the hump. </li>
<li>Should get done easily, but the corporate governance here is not encouraging. Yes, a premium, but no explanation, and it's a bit low.</li>
</ul>


The parent company of SHL Japan Ltd (4327 JP)'s largest shareholder is buying out its main customer in Japan. 
This is an LBO/MBO situation, and friends and family get it to 63% or so. A tiny sliver from others gets it over the hump. 
Should get done easily, but the corporate governance here is not encouraging. Yes, a premium, but no explanation, and it's a bit low.


SHL Japan (4327 JP) Takeover - Illiquid, Easy, Non-Transparent, but a Done Deal

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/shl-japan-ltd" target="_blank" data-smartkarma-citation="entities:11571:1" rel="noopener">SHL Japan Ltd (4327 JP)</a> has recommended SHL Group’s tender offer of JPY3,550 per share, a 32.2% premium to the undisturbed price (1 March).</li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 36.62% ownership ratio.</li>
<li>Achieving the minimum 36.62% ownership ratio requires a 32% acceptance rate from minorities excluding irrevocables. This is not onerous as the tender price represents an all-time share price. </li>
</ul>



SHL Japan Ltd (4327 JP) has recommended SHL Group’s tender offer of JPY3,550 per share, a 32.2% premium to the undisturbed price (1 March).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 36.62% ownership ratio.
Achieving the minimum 36.62% ownership ratio requires a 32% acceptance rate from minorities excluding irrevocables. This is not onerous as the tender price represents an all-time share price. 


SHL-Japan (4327 JP): JPY3,550 Tender Offer from SHL Group

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Thematic (Sector/Industry)

<ul>
<li>We think that investors can often find attractive opportunities among companies serving the HR department;</li>
<li>When it comes to the Japanese market, employment services companies can additionally take advantage of multiple tailwinds in our view;</li>
<li>We started with our favorable and demanding metric to shortlist 25 names across various industries within the sector, further examined them in terms of growth and cash generation, and ended with three of our top picks.</li>
</ul>


We think that investors can often find attractive opportunities among companies serving the HR department;
When it comes to the Japanese market, employment services companies can additionally take advantage of multiple tailwinds in our view;
We started with our favorable and demanding metric to shortlist 25 names across various industries within the sector, further examined them in terms of growth and cash generation, and ended with three of our top picks.


Quick Picks: Top-Quality Employment Services Providers From Japan

Japan

SHL-JAPAN Ltd. makes aptitude test products.  The Company also provides training and consulting services for aptitude test data.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SHL Japan Ltd (4327 JP)

SHL Japan (4327 JP) Takeover - Illiquid, Easy, Non-Transparent, but a Done Deal

SHL Japan (4327) is the subject of a takeover by its major shareholder and the entity for which that shareholder acts as agent in Japan. Price is...

Travis Lundy

SHL-Japan (4327 JP): JPY3,550 Tender Offer from SHL Group

Achieving the minimum 36.62% ownership ratio requires a 32% acceptance rate from minorities excluding irrevocables. This is not onerous as the...

Arun George

Quick Picks: Top-Quality Employment Services Providers From Japan

We started with our favorable and demanding metric to shortlist 25 names, further examined them in terms of growth and cash generation, and ended...

Steven Chen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)