IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

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<ul>
<li>
<a href="https://www.smartkarma.com/entities/system-information-co-ltd" target="_blank" data-smartkarma-citation="entities:19470:1" rel="noopener">System Information (3677 JP)</a> has recommended Bain’s tender offer of JPY930 per share, a 21.9% premium to the undisturbed price (27 September).</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 50.69% ownership ratio.</li>
<li>Irrevocables to accept the offer represent a 19.69% ownership ratio. The minimum acceptance condition (lower limit) requires a 37.0% minority acceptance rate. The tender offer is reasonable.</li>
</ul>



System Information (3677 JP) has recommended Bain’s tender offer of JPY930 per share, a 21.9% premium to the undisturbed price (27 September).
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 50.69% ownership ratio.
Irrevocables to accept the offer represent a 19.69% ownership ratio. The minimum acceptance condition (lower limit) requires a 37.0% minority acceptance rate. The tender offer is reasonable.


System Information (3677 JP): Bain Backed MBO’s JPY930 Tender Offer

Japan

TDC SOFTWARE ENGINEERING Inc. provides system development services including consultation, installation, operation, and maintenance of the system.  The Company develops network software, and also business management software for such industries as manufacturing, distribution, finance, and retail.  TDC also sells packaged software and hardware products.

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Tdc Software Engineering (4687 JP)

System Information (3677 JP): Bain Backed MBO’s JPY930 Tender Offer

Irrevocables to accept represent a 19.69% ownership ratio. The minimum acceptance condition (lower limit) requires a 37.0% minority acceptance...

Arun George

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