In today’s briefing:
- Lock&Lock Tender Offer: Different Trading Angles Compared to Recent Ssangyong C&E Case
- Lock & Lock: Affinity Equity Partners Offers a Tender Offer of a 30% Stake at 8,750 Won Per Share
- Jeil M&S IPO Bookbuilding Results Analysis
Lock&Lock Tender Offer: Different Trading Angles Compared to Recent Ssangyong C&E Case
- The tendering price is ₩8,750, roughly 7% higher than the last close. However, Affinity’s commitment makes this event noteworthy.
- Lock&Lock requires Affinity to target 30%. To reach 95%, securing 25% is needed, much higher than SsangYong C&E, indicating potential price volatility.
- A second public offering is likely due to the widening gap between the ownership threshold and actual acquisition percentage in Lock&Lock. This could impact prices significantly during the tendering period.
Lock & Lock: Affinity Equity Partners Offers a Tender Offer of a 30% Stake at 8,750 Won Per Share
- On 17 April, Affinity Equity Partners offered a tender offer of a 30% stake in Lock & Lock at 8,750 won per share.
- The tender offer period is from 18 April to 14 May. The number of shares that are included in this tender offer is 13.14 million shares (30.33% of outstanding shares).
- Lock & Lock’s share price could trade higher close to the tender offer price of 8,750 won as the date as the end of the tender offer period approaches.
Jeil M&S IPO Bookbuilding Results Analysis
- Jeil M&S reported excellent IPO bookbuilding results. Jeil M&S’s IPO price has been determined at 22,000 won per share (22% higher than the high end of the IPO price range).
- A total of 2,164 institutional investors participated in this IPO book building. The demand ratio was 646 to 1. Samhyun will start trading on 30 April 2024.
- Our base case valuation of Jeil M&S is target price of 24,354 won per share, which is 11% higher than the IPO price.