ConsumerDaily Briefs

Daily Brief Consumer: Fujitsu General, IJTT Co., Ltd., Namyang Dairy Products Co and more

In today’s briefing:

  • Fujitsu General (6755) – Fujitsu Wants Out, May Force the Issue
  • IJTT (7315 JP): Risk/Reward as SPARX Bumps to JPY850
  • Namyang Dairy Products: Long Legal Dispute to Be Finally Decided by Supreme Court in January 2024


Fujitsu General (6755) – Fujitsu Wants Out, May Force the Issue

By Travis Lundy

  • In 2019, it became apparent Fujitsu Ltd (6702 JP) wanted to sell down its stakes in non-core businesses (Shinko Electric, Fujitsu General, and FDK), and move on to better things.
  • In early January 2023, a Bloomberg article suggested a sale process. A 20 Jan 2023 article suggested Fujitsu General’s auction was imminent. I wrote a piece. It was not bullish.
  • The stock rose a bit, then fell 40+% through last week. Now another article suggests some urgency at Fujitsu. That changes things.

IJTT (7315 JP): Risk/Reward as SPARX Bumps to JPY850

By Arun George

  • IJTT Co., Ltd. (7315 JP) has recommended Sparx Group (8739 JP)’s revised tender offer of JPY850, 4.7% premium to its previous JPY812 offer. The revised offer has been declared final.
  • The Isuzu Motors (7202 JP) share repurchase price has risen 4.0% from JPY677 to JPY704. The tender closes on 15 January 2024. All other terms are unchanged.
  • The shares are trading above the revised terms. A final offer and no competing bidder points to an unfavourable risk/reward profile – a 21% downside on a deal break. 

Namyang Dairy Products: Long Legal Dispute to Be Finally Decided by Supreme Court in January 2024

By Douglas Kim

  • The Korean Supreme Court’s ruling on the stock transfer lawsuit between Hahn & Company private equity fund and Namyang Dairy’s Chairman Hong Won-Sik is confirmed for 4 January 2024.
  • The expectation of Hahn & Co winning this legal dispute has positively impacted the share price of Namyang Dairy Products.
  • The higher probability scenario is for the Korean Supreme Court to rule in favor of Hahn & Co, agreeing with the decisions of the two lower courts in Korea.

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