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Equity Bottom-Up

<p>Itochu Corporation, <a href="https://www.smartkarma.com/entities/320" target="_blank" data-smartkarma-citation="entities:320:1">FamilyMart UNY Holdings Co Ltd (8028 JP)</a>'s largest shareholder, has announced a tender offer to buy a nearly 10% stake in FamilyMart Uny. The successful completion, expected to take place in August 2018, will allow Itochu to raise its holdings to 50.1%, up from the current 41.45%, and make FamilyMart Uny a consolidated subsidiary. The tender offer of JPY 11,000 per share implies a 58% premium to our fair value estimate of JPY 6,950. Itochu has been raising its stake in…</p>

Itochu Corporation, FamilyMart UNY Holdings Co Ltd (8028 JP)'s largest shareholder, has announced a tender offer to buy a nearly 10% stake in FamilyMart Uny. The successful completion, expected to take place in August 2018, will allow Itochu to raise its holdings to 50.1%, up from the current 41.45%, and make FamilyMart Uny a consolidated subsidiary. The tender offer of JPY 11,000 per share implies a 58% premium to our fair value estimate of JPY 6,950. Itochu has been raising its stake in…

Itochu's Tender Offer Provides an Attractive Profit-Taking Opportunity

FamilyMart Co Ltd

Itochu's Tender Offer Provides an Attractive Profit-Taking Opportunity