The SG Holdings offer premium is stupendous—91.3% higher than AZ-COM Maruwa’s JPY3,000 hostile offer. The Board deserves full credit for this unexpected outcome.
What is covered in the Full Insight:
Introduction
Offer Comparison
Shareholding Structure
Valuation Analysis
Conclusion
Boomeranged on Thu, 6 Jun 2024 15:24
AZ-COM Maruwa has declined to engage in a bidding war as “the tender offer price proposed by SG Holdings is not a level based on a reasonable enterprise value valuation.” AZ-COM Maruwa notes that by not raising its JPY3,000 offer, it will abandon the business integration with C&F. At the last close, the shares were trading slightly above SG Holdings’ JPY5,740 tender offer.
SUMMARY
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