In today’s briefing:
- [Activism Japan] Proto Corp (4298 JP) – Kaname Capital Files an Injunction? Bold Strategy, Cotton…
- EcoNavista (5585 JP) – Takeover By Eisai (4523)
- Canvest (1381 HK): Get Involved
- Ping An’s Strategic Buyout of OneConnect: Navigating Shareholder Approval and Financial Implications Amidst Declining Performance
- Blackstone’s ₹1,800 Crore Residential Bet on Kolte-Patil
- Spartan Resources (SPR AU): Ramelius Resources (RMS AU) Attractive Offer
- Maynilad Water (MYNLD PM): Index Inclusion Timing for a Large Philippines IPO
- Coromandel’s Strategic Play for NACL Industries: Bottom of the Agrochem Cycle Bargain?
- Bajaj Finserv Acquires Full Control of Bajaj Allianz Life & General Insurance
- Sun Pharma’s Acquisition of Checkpoint Therapeutics: Analyzing the CVR Payout Potential and Strategic Implications
[Activism Japan] Proto Corp (4298 JP) – Kaname Capital Files an Injunction? Bold Strategy, Cotton…
- Late on the 17th, Proto Corp (4298 JP) released a filing to the TSE saying activist-ish investor and objector to the current MBO, Kaname Capital, had filed an injunction.
- The injunction suit against two directors says procedures were unfair and the decision violated the duty of due care. They ask the Court to rule the directors halt support and…
- …that the MBO actor YOKOYAMA Hiroichi not terminate the offer on 21 March 2025. Injunction filings against directors for Tender Offers are rare for a reason.
EcoNavista (5585 JP) – Takeover By Eisai (4523)
- EcoNaviSta (5585 JP) has a couple of interesting product lines and platforms. That makes it attractive, and scalable. Synergies to a big buyer are reasonably obvious.
- Eisai Co Ltd (4523 JP) is that big buyer, having decided to be interested last summer. I could imagine others could be interested too. The tech has uses.
- For the moment, it is a high EV/Revenue bid on an interesting small company. The chairman, cross-holders, directors, and a couple of financial institutions own 66+%. But…
Canvest (1381 HK): Get Involved
- After SAFE gave the green light on the 19th Feb, I estimated only a week was required to secure the (strangely) outstanding internal guarantees. It took a frustrating three-and-a-half weeks.
- Nevertheless, all pre-cons are now done. Canvest Environmental (1381 HK)‘s Scheme Document is expected to be dispatched or before the 25th April.
- Assuming the Scheme gets up – and it will – expect payment around the 20th June. This is done.
Ping An’s Strategic Buyout of OneConnect: Navigating Shareholder Approval and Financial Implications Amidst Declining Performance
- OneConnect received a non-binding acquisition proposal from Ping An Group at $7.98/ADS, requiring 75% shareholder approval.
- Ping An acquired OneConnect’s virtual banking division for $119m and terminated its cloud services contract in 2024.
- The buyout is financially attractive for Ping An, acquiring OCFT at net cash levels, with a US$100m consideration.
Blackstone’s ₹1,800 Crore Residential Bet on Kolte-Patil
- Blackstone (BX US) is investing INR 1,800 crore to acquire a 66% stake in Kolte Patil Developers (KPDL IN), marking its first big move into India’s residential real estate market.
- This deal signals rising institutional interest in India’s housing sector and sets the stage for a potential residential REIT, similar to Blackstone’s office REIT playbook.
- The residential segment, long seen as fragmented and informal, may now see valuation re-ratings, increased M&A activity, and formalization driven by global capital.
Spartan Resources (SPR AU): Ramelius Resources (RMS AU) Attractive Offer
- On 17 March, Spartan Resources (SPR AU) entered a binding scheme with Ramelius Resources (RMS AU). Spartan shareholders will receive A$0.25 cash + 0.6957 RMS shares per SPR share.
- The scheme vote is low risk as Ramelius has secured irrevocable commitments from Tembo Capital, 1832 Asset Management, and Fourth Sail Capital (18.89% of outstanding shares).
- The offer is attractive compared to peer multiples, precedent transactions and historical trading ranges. The scheme meeting is targeted for mid-July.
Maynilad Water (MYNLD PM): Index Inclusion Timing for a Large Philippines IPO
- Maynilad Water Services (MYNLD PH) is looking to raise up to US$860m by selling shares at ₱20/share, valuing the company at US$2.82bn.
- The market cap and free float will depend on the number of shares sold in the IPO and whether the shares in the upsize option are primary or secondary shares.
- Global index inclusions should take place in November and December, while Philippines Stock Exchange PSEi Index (PCOMP INDEX) inclusion could take place in August 2026.
Coromandel’s Strategic Play for NACL Industries: Bottom of the Agrochem Cycle Bargain?
- Coromandel International (CRIN IN),a key Murugappa Group company, acquired a 53% controlling stake in NACL Industries for INR 820Crs on March 12, 2025 at INR 76.70 per share.
- NACL Industries is a Hyderabad-based agrochemical firm with manufacturing units, a diverse product portfolio, and technical export capabilities, including a presence in contract manufacturing.
- With this merger at decent valuation, Murugappa group(which is known for efficient capital allocation) certainly make it more efficient and value accretive for their business.
Bajaj Finserv Acquires Full Control of Bajaj Allianz Life & General Insurance
- Bajaj Finserv (BJFIN IN) has acquired Allianz’s 26% stake in both insurance JVs for INR 24,180 crore, gaining full control of Bajaj Allianz Life and General Insurance.
- This unlocks platform-wide integration across lending, wealth, and insurance, setting Bajaj up as a full-stack financial services powerhouse with total strategic control.
- With valuations set and consolidation likely, India’s insurance sector enters a new era- where scale, tech, and single ownership will drive future leadership.
Sun Pharma’s Acquisition of Checkpoint Therapeutics: Analyzing the CVR Payout Potential and Strategic Implications
- Checkpoint Therapeutics is being acquired by Sun Pharma for $4.1/share plus a non-transferable CVR worth up to $0.70/share.
- The CVR payout depends on EU approval of Unloxcyt, with four scenarios based on approval timing and dosing schedule.
- Shareholder approval is likely due to FBIO’s control and Armistice Capital’s support, with a 66% premium over pre-announcement levels.
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