In today’s briefing:
- Infroneer (5076 JP) Tender Offer for Toyo Construction (1890 JP) Could Get Funky
- Krafton & KakaoBank: Potential MSCI Upweights in May
- Lendlease Global REIT Placement – Very Well Flagged but Still Quite a Large One to Digest
- Nomura Research Placement – Has Sold Before, Deal Might Be More Reflective on the Parent’s Results
- SPH Shareholders Agree to SPH EGM & DIS – Deal Done So Now It’s Arb+Option
Infroneer (5076 JP) Tender Offer for Toyo Construction (1890 JP) Could Get Funky
- INFRONEER Holdings (5076 JP) is the new name of the holding company which was comprised of Maeda Corporation, Maeda Road Construction, and Maeda Seisakusho.
- Infroneer owns a 20% stake in smaller construction company Toyo Construction (1890 JP) through subsidiary Maeda Construction. It has launched a Tender Offer for the rest at a 28.5% premium.
- This could get complicated. If you own, I would not sell at terms.
Krafton & KakaoBank: Potential MSCI Upweights in May
- KakaoBank (323410 KS) is currently included in the MSCI Korea Index at a FIF of 20%. That could increase to 35% at the May SAIR.
- Krafton Inc (259960 KS) is currently included in the MSCI Korea Index at a FIF of 45%. That could increase to 55% at the May SAIR.
- We estimate passive MSCI trackers will need to buy US$222m of KakaoBank (323410 KS) and US$83m of Krafton Inc (259960 KS) at the close on 31 May.
Lendlease Global REIT Placement – Very Well Flagged but Still Quite a Large One to Digest
- Lendlease REIT is looking to raise up to US$427m via a private placement and a preferential offering.
- The deal is very well flagged as the acquisition was announced in Feb 2022 and the EGM approval for the same was received earlier this month.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
Nomura Research Placement – Has Sold Before, Deal Might Be More Reflective on the Parent’s Results
- Nomura Holdings is looking to raise around US$486m via selling 2.5% of Nomura Research.
- This is not the first sale by Nomura and hence, might not come as a complete surprise.
- In this note, we will run the deal through our ECM framework and talk about the recent updates.
SPH Shareholders Agree to SPH EGM & DIS – Deal Done So Now It’s Arb+Option
- Topday, Singapore Press Holdings (SPH SP) shareholders met in an EGM and a Scheme Meeting to approve the takeover of SPH and distribution of SPH REIT (SPHREIT SP) units.
- Shareholders passed resolutions at both meetings, meaning the Cuscaden Peak Pte acquisition is approved.
- This means we move to next steps, which is choosing the Consideration, and possible MGO Chain Offer on SPH REIT (SPHREIT SP).
Before it’s here, it’s on Smartkarma
