In today’s briefing:
- Last Week in Event SPACE: Mitsui Matsushima, China Merchants,Kansai Paint, Teijin, Sciclone Pharma
- Helios Techno Holding (6927) – Small TOB, Fat Premium (74%), Still Too Cheap
Last Week in Event SPACE: Mitsui Matsushima, China Merchants,Kansai Paint, Teijin, Sciclone Pharma
- Colour me perplexed. Murakami Group ran up Mitsui Matsushima (1518 JP)‘s share price in acquiring 29%. The pattern was clear, but one assumes everyone in-group was on the same page.
- Two activist shareholders. And long only upping its stake. Heavily discounted China Merchants China Direct Investments (133 HK) is in play.
- A HUGE new buyback for Kansai Paint (4613 JP). Really big. Buy Kansai Paint vs Nippon Paint. One can buy the pop. One can buy any dips after the pop.
Helios Techno Holding (6927) – Small TOB, Fat Premium (74%), Still Too Cheap
- On Friday, acquisitive wafer technology firm Rs Technologies (3445 JP) announced it would buy lamp and printing equipment maker Helios Techno Holding (6927 JP) at a 74% premium.
- The premium is big, but Helios is a steal at the price. Granted, it is a small potatoes steal.
- The register is not controlled by any one party or group of investors other than retail. That makes this interesting.
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