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 (17 Nov) - Seven & I, Fuji Soft, Nishimoto, Macromill, CPMC, KEPCO, SF Holding

Fuji Soft (9749 JP): Bain Can’t Take No for an Answer and Returns with a JPY9,600 Offer

Fuji Soft (9749 JP): The Board’s Unchanged Recommendation Caps the Upside

Fuji Soft (9749 JP): Bain Updates as the End Game Draws Closer

Fuji Soft (9749 JP): Bain’s Better Late than Never Competing Offer

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co (KKR US)</a> has secured the <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a> Board's unanimous support by bumping its second tender offer to JPY9,451, a JPY1 premium to Bain’s JPY9,450 offer. </li>
<li>The Board is claiming a "fiduciary duty" win as it has secured a higher offer from KKR but paradoxically signalling that it will not negotiate a bump from Bain.  </li>
<li>Bain will likely walk rather than try to win the Board’s support by revising terms. At the last close, the gross spread to KKR’s offer is 3.7%.</li>
</ul>



KKR &amp; Co (KKR US) has secured the Fuji Soft Inc (9749 JP) Board's unanimous support by bumping its second tender offer to JPY9,451, a JPY1 premium to Bain’s JPY9,450 offer. 
The Board is claiming a "fiduciary duty" win as it has secured a higher offer from KKR but paradoxically signalling that it will not negotiate a bump from Bain.  
Bain will likely walk rather than try to win the Board’s support by revising terms. At the last close, the gross spread to KKR’s offer is 3.7%.


Fuji Soft (9749 JP): KKR Bumps to JPY9,451 as Bain Left High and Dry