Daily Brief Event-Driven: JIC To Launch ¥1 Trillion Takeover on JSR (4185) and more

In today’s briefing:

JIC To Launch ¥1 Trillion Takeover on JSR (4185)
Merger Arb Mondays (26 Jun) – Eoflow, ENM, Estia, InvoCare, United Malt, Arclands, Chindata
KOSDAQ150 Index Rebalance Preview: A Dozen Potential Changes from Now to December

JIC To Launch ¥1 Trillion Takeover on JSR (4185)

The Nikkei followed by other media outlets revealed Saturday that the JIC (株式会社産業革新投資機構) were in talks with JSR Corp (4185 JP) to acquire the photoresist maker for ¥1 trillion.
JSR’s release (Japanese/English) noted that they are considering the matter, but no decision has been made. They note, however, a Board of Directors meeting on Monday 26 June 2023.
Articles suggest a Tender Offer “this year”, delisting next. ¥1 trillion is a 50% premium. Or 35%. I expect shares go limit up, then we will get more news post-close.

Nearly a third of the way through the review period, we see 12 potential changes for the KOSDAQ 150 Index (KOSDQ150 INDEX EQUITY) at the December rebalance.
There could be one change to the index in July/August following Nice Information Service Co (030190 KS)‘s transfer from the KOSDAQ Market to the KOSPI Market.
The potential adds have outperformed the potential deletes over the last few months and there could be further outperformance as we go through the review period.

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