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

I'rom Group (2372 JP): Blackstone-Sponsored Pre-Conditional MBO at JPY2,800

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Event-Driven

<ul>
<li>On 7 November, the ACCC published a <a href="https://www.accc.gov.au/system/files/public-registers/documents/Blackstone%20I%27rom%20-%20Statement%20of%20Issues%20-%207%20November%202024.pdf?ref=0&amp;download=y" target="_blank" rel="noopener">Statement of Issues</a> outlining preliminary competition concerns on <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a>'s proposed acquisition of <a href="https://www.smartkarma.com/entities/i-rom-group-co-ltd" target="_blank" data-smartkarma-citation="entities:2686:1" rel="noopener">I'Rom Group (2372 JP)</a>. </li>
<li>The ACCC’s decision will be announced on 6 February 2025. In response, Blackstone has delayed (for the second time) the tender start to the end of February 2025.</li>
<li>The ACCC's competition concerns are potentially a deal breaker, as it is unclear if Blackstone can or will provide an undertaking to satisfy the ACCC’s concerns. </li>
</ul>


On 7 November, the ACCC published a Statement of Issues outlining preliminary competition concerns on Blackstone (BX US)'s proposed acquisition of I'Rom Group (2372 JP). 
The ACCC’s decision will be announced on 6 February 2025. In response, Blackstone has delayed (for the second time) the tender start to the end of February 2025.
The ACCC's competition concerns are potentially a deal breaker, as it is unclear if Blackstone can or will provide an undertaking to satisfy the ACCC’s concerns. 


I'rom Group (2372 JP): ACCC Tail Event Risk Is a Concern