bullish
Itochu (8001 JP) Launches Lowball TOB for Descente (8114) - Buying China on the Cheap
701 Views05 Aug 2024 22:54
Itochu announced a TOB for Descente (8114). Done too cheaply. Priced without synergies, at an unfairly low assessed price, without clarity on cashflows vs affiliate income. But that's Itochu.
What is covered in the Full Insight:
- Introduction
- Background of the Tender Offer
- Valuation and Transparency Issues
- Regulatory Process and Timeline
- Conclusion and Recommendations
Boomeranged on Mon, 12 Aug 2024 16:58
Descente started trading above terms when it opened and over the week went just below terms. It is trading far too tight for the arb. But the way this gets bumped is by having a position and then talking about it. To the Descente Board, the public (hit me up for journo recos), to Itochu, etc. Tough, but no noise, no bump. Appraisal rights, while possible, aren't the same as for FamiMa.
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