Daily Brief Japan: Plenus Co Ltd, Socionext, Toshiba Corp and more

In today’s briefing:

Plenus (9945) To Go Private in MBO – Looks Like a Done Deal
Index Rebalance & ETF Flow Recap: CSI500, SSE180, KOSPI2, Sensex, MSCI IN/KR, TW Div+, Socionext
Last Week In Event SPACE: Renault/Nissan, Toshiba, Golden Energy, Bilibili, Shinsei, Macau Casinos

Plenus (9945) To Go Private in MBO – Looks Like a Done Deal

Kyushu-Based food services business and restaurant operator Plenus Co Ltd (9945 JP) announced Friday that its main holder had announced a Tender Offer. The Board voted to support the effort.
The Tender Offer is at ¥2,640/share, a 37.5% premium to last, and which is just higher than the highest closing price since listing.
This looks like a deal easy to get done. Decent premium, well above book, lifetime high on a low vol stock, not an awful multiple, and founder+cross-holders have 50%.

The review period for the MSCI November SAIR starts this week and will run till 31 October. We also near the end of the review period for many local indices.
AIPL has announced a S&P BSE SENSEX Index market consultation while FTSE has announced the result of the FTSE TWSE Taiwan Dividend+ Index market consultation.
There were big weekly inflows to ETFs that track China, Taiwan, Korea and Hong Kong equities.

In April, reportedly Renault (RNO FP) might sell Nissan (7201 JP) shares to support EV investments. We have news talks are coming to a head. The results won’t be pretty.
The Nikkei says the JIP consortium is the “Preferred Bidder” for Toshiba Corp (6502 JP). That is a stalking horse. The proposed price of ¥2.5trn is also a stalking horse
Reportedly the Widjaja Family may be looking to take Indonesian/Australian energy/met coal play Golden Energy & Resources (GER SP) private.

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