In today’s briefing:
- Pasco (9232 JP): Secom (9735 JP) And Itochu (8001 JP) Tender Offer a Done Deal
- Shares of Cooling Firms Have Turned Red Hot on Record Setting Scorching Heat
- Finding the Next Takeout in Canadian Small-Caps – Part Three
Pasco (9232 JP): Secom (9735 JP) And Itochu (8001 JP) Tender Offer a Done Deal
- Pasco Corp (9232 JP) has recommended a tender offer from Secom Co Ltd (9735 JP) and Itochu Corp (8001 JP) at JPY2,140, 31.4% premium to the undisturbed price of JPY1,629.
- The tender offer runs from 6 September to 22 October (30 business days), with payment commencing on 28 October. It represents a 10-year high.
- This a done deal as the offeror represents a 71.66% ownership ratio, higher than the two-thirds of voting rights required to implement a squeeze-out through share consolidation.
Shares of Cooling Firms Have Turned Red Hot on Record Setting Scorching Heat
- July 2024 ranked as the warmest July in NOAA’s 175-year global record. Land & sea surface temperatures were above average across the planet barring few exceptions.
- July had the 2nd smallest sea ice coverage in 46-years at 8.49 million square miles. There is a 77% chance that 2024 will rank as the warmest year on record.
- Heating, Ventilation, and Air Conditioning (“HVAC”) stocks continue to rise on strong demand as temperatures peak across the planet.
Finding the Next Takeout in Canadian Small-Caps – Part Three
- Since our last note in May, there have been 10 additional takeouts in Canadian small-caps, most of which coming in a significant premiums.
- The new acquisitions largely fit within the framework outlined in previous reports.
- Our potential takeouts portfolio is up 43% since inception (November 2023) and 17% since our last note, compared to the TSX up 18% and 3% respectively.
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