
In today’s briefing:
- CVC Bumps the Macromill (3978) Price, Declares Final, and That’s That… Or Is It?
- ECM Weekly (20th Jan 2025) – Guming, LG India, Schloss (Leela), Freetech, Chongqing Terminus, Murata
- Going Private Is Not an “exit” from the Market, but the Beginning of the Next Step

CVC Bumps the Macromill (3978) Price, Declares Final, and That’s That… Or Is It?
- On Friday 17 January, the closing date of the CVC Tender Offer for Macromill, Inc (3978 JP) at ¥1,150/share, the bidder announced an extension of the Tender Offer.
- They also announced a bump to ¥1,250/share, and that included a comment saying they resolved not to raise the price further.
- This happened during market hours, and the price jumped to just below ¥1,250/share. But one should not consider this a done deal. For reasons…
ECM Weekly (20th Jan 2025) – Guming, LG India, Schloss (Leela), Freetech, Chongqing Terminus, Murata
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, Guming Holdings appears to be gearing up for a launch soon.
- On the placements front, while Wuxi XDC failed to perform, Murata Manufacturing (6981 JP) has been holding up so far.
Going Private Is Not an “exit” from the Market, but the Beginning of the Next Step
- The previous share price of FUJISOFT did not reach the value it should have, and therefore, the company did not achieve its management goal of maximizing shareholder profit.
- The decision for shareholder return or investment in growth rests with management. Cash returned to shareholders is simply invested by investors to find investments where they can earn better investment.
- Rather than “shareholder pressure,” we should think this is the beginning of an effort to return to the basics of shareholder-oriented management, which is to expand shareholder interests.