In today’s briefing:
- Fuji Soft (9749) – KKR Launches Early to Stymy Bain Who Has a Founding Family Tailwind
- Pasco (9232 JP): Secom (9735 JP) And Itochu (8001 JP) Tender Offer a Done Deal
- Toyota Motor (7203 JP): Scripting an India Success Story with Suzuki Tie Up
- D. Western Therapeutics Institute (4576 JP) – News Flash – Sep 5, 2024
- CYBERDYNE (7779 JP) – Overseas Initiatives Driving Sales and Reducing Losses
Fuji Soft (9749) – KKR Launches Early to Stymy Bain Who Has a Founding Family Tailwind
- KKR has launched its deal early to make life difficult for Bain, who has Founding Family support, due diligence, and another hearing with the company to make a Binding Bid.
- The combination of Bain’s PR on 3 September and the new documents out late last night from KKR and Fuji Soft show a picture of KKR/3D somehow acting coercively.
- This is something of a mess. It should become a case study for lawyers/advisors of what NOT to do when a large PE firm approaches you. Expect a bun fight.
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.
Toyota Motor (7203 JP): Scripting an India Success Story with Suzuki Tie Up
- Toyota Kirloskar, Toyota Motor‘s 89%-owned India JV, recorded a 65% rise in revenues and 240% jump in profits to around USD575 million in FY2024 following 48% increase in units sold.
- The company has continued to maintain its strong growth momentum in FY2025 YTD, with wholesale volumes up 36% YoY.
- Successful launch of rebadged Suzuki models, ramped-up production and customer-friendly initiatives have supported Toyota’s accelerated volume growth in India.
D. Western Therapeutics Institute (4576 JP) – News Flash – Sep 5, 2024
- DWTI announced that the first transplant was performed in a domestic Phase II clinical study of DWR-2206 (Indication: bullous keratopathy, see Note 1 below), a regenerative medicine cell product being developed jointly by DWTI and ActualEyes Inc., and as a result of the follow-up monitoring, the safety of DWR-2206 has been confirmed in order to proceed to a second and subsequent transplants.
- This study is being conducted to evaluate the safety and efficacy of DWR-2206 transplants in patients with bullous keratopathy.
- The first transplant took place in July 2024, and the patient’s progress since the transplant has been smooth.
CYBERDYNE (7779 JP) – Overseas Initiatives Driving Sales and Reducing Losses
- Q1 FY3/25 results reported 10.5% sales growth YoY and declining operating losses, driven by a combination of treatment service growth in the Americas and cost reduction efforts.
- Operating units of the key HAL Medical Lower Limb Type grew 8.3% YoY to 481 units worldwide, indicating moderate but sustained growth YoY at home and overseas.
- Overseas sales made up 71% of the total, demonstrating the company’s focus on geographic expansion.
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