IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Weekly Deals Digest (21 Jan) - Benefit One, GUPPY's, T&K Toka, Weiqiao, Genetron, Amer Sports

Weekly Deals Digest (04 Feb) - Benefit One, Benesse, Outsourcing, Glosel, Hollysys, OreCorp, QVE

Benefit One (2412 JP): Dai-Ichi Life (8750 JP) Prevails with a JPY2,173 Offer

Benefit One (2412 JP): Thoughts on the Potential Minority Offer Price

Benefit One (2412 JP): Dai-Ichi Life Counters M3 with a Privatisation Offer

Benefit One (2412 JP): Dai-Ichi Life’s Tender Offer at JPY2,123

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Ahead of the 17 January close, <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 Inc (2413 JP)</a> has extended the close of its offer to 15 February due to a request from <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a>.</li>
<li>The merger arb situation has four parties with different priorities – the Board, <a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona Group (2168 JP)</a>, <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> (with a pre-conditional JPY2,123 offer) and M3.</li>
<li>The Board and Pasona want the highest possible price. M3's inability to table a revised offer suggests that Dai-ichi Life has set the bar too high. </li>
</ul>


Ahead of the 17 January close, M3 Inc (2413 JP) has extended the close of its offer to 15 February due to a request from Benefit One Inc (2412 JP).
The merger arb situation has four parties with different priorities – the Board, Pasona Group (2168 JP), Dai Ichi Life Insurance (8750 JP) (with a pre-conditional JPY2,123 offer) and M3.
The Board and Pasona want the highest possible price. M3's inability to table a revised offer suggests that Dai-ichi Life has set the bar too high. 


Benefit One (2412 JP): Who Will Blink First as M3 Extends the Closing Date?