In today’s briefing:
- NTT’s Partial Offer for Marketing Consultant Intage (4326) –
- Intage Holdings (4326 JP): NTT’s Partial Tender Offer
- 1Q Follow-Up – Japan System Techniques (4323 JP)
NTT’s Partial Offer for Marketing Consultant Intage (4326) –
- Today, NTT (Nippon Telegraph & Telephone) (9432 JP) announced a partial offer to buy a minimum of 40.0% and a maximum of 51.0% of Intage Holdings (4326 JP).
- Six crossholders holding 20.98% between them have separately agreed to tender a total of 19.9%. That means a minimum 25.4% minority participation. With success, minimum pro-ration is 51.5%.
- The dynamics of this deal and where synergies lie suggests people need to think really hard about where they underwrite future illiquid ownership.
Intage Holdings (4326 JP): NTT’s Partial Tender Offer
- NTT (Nippon Telegraph & Telephone) (9432 JP) has announced a partial tender offer for Intage Holdings (4326 JP) to make it a consolidated subsidiary.
- The offer is for a minimum of 15.4m shares (40.00% ownership ratio) and a maximum of 19.6m shares (51.00%) at JPY2,400 per share, a 26.4% premium to the undisturbed price.
- Irrevocables represent a 19.90% ownership ratio. The minimum acceptance condition requires a 20% minority acceptance rate. The offer is attractive and represents an all-time high.
1Q Follow-Up – Japan System Techniques (4323 JP)
- Japan System Techniques announced its 1Q results for FY24/3 after the close of the market on August 10 (Thursday).
- Key figures on a consolidated basis ; operating profit fell 53.3%, to ¥122 mn on a 10.2% rise in sales, to ¥5,640 mn.
- Ordinary profit fell 53.6%, to ¥134 mn, and net income attributable to the parent company fell 72.4%, to ¥61.
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