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

Intage Holdings (4326 JP): NTT’s Partial Tender Offer

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-active-value-fund-plc" target="_blank" data-smartkarma-citation="entities:31492:1" rel="noopener">Nippon Active Value Fund PLC (NAVF LN)</a>’s jointly-held shareholding in <a href="https://www.smartkarma.com/entities/intage-holdings-inc" target="_blank" data-smartkarma-citation="entities:3151:1" rel="noopener">Intage Holdings (4326 JP)</a> has declined from 11.28% to 9.52% of outstanding shares (disclosed on 20 September).</li>
<li>NAVF wants to take as much money off the table as possible as <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a>’s partial offer price represents an all-time high.</li>
<li>Our revised minimum proration is 53.31%. NAVF’s action suggests that the minimum acceptance condition, which requires a 20% minority acceptance rate, should be satisfied.</li>
</ul>



Nippon Active Value Fund PLC (NAVF LN)’s jointly-held shareholding in Intage Holdings (4326 JP) has declined from 11.28% to 9.52% of outstanding shares (disclosed on 20 September).
NAVF wants to take as much money off the table as possible as NTT (Nippon Telegraph &amp; Telephone) (9432 JP)’s partial offer price represents an all-time high.
Our revised minimum proration is 53.31%. NAVF’s action suggests that the minimum acceptance condition, which requires a 20% minority acceptance rate, should be satisfied.


NTT (Nippon Telegraph & Telephone) (9432 JP)

Intage Holdings (4326 JP): NAVF Selldown and Proration for NTT’s Partial Offer