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 (26 Dec) - JAFCO, Nippon Steel Trading, Conexio, Origin Energy, Warrego

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jafco-co-ltd" target="_blank" data-smartkarma-citation="entities:8848:1" rel="noopener">Jafco Co Ltd (8595 JP)</a> and Murakami have <a href="https://ssl4.eir-parts.net/doc/8595/tdnet/2217071/00.pdf" target="_blank" rel="noopener">reached an agreement</a> on a revised tender offer for 16.8 million shares (23.60% of outstanding shares) at JPY2,500 per share. </li>
<li>The revised tender offer's primary purpose remains to facilitate Murakami to tender his 19.53% shareholding at the expense of other shareholders and the misallocation of JPY42 billion (tender cost).</li>
<li>The justification for the transaction is weak as most of the benefits could have been achieved without it. This calls into question the Board's ability to enhance value.</li>
</ul>



Jafco Co Ltd (8595 JP) and Murakami have reached an agreement on a revised tender offer for 16.8 million shares (23.60% of outstanding shares) at JPY2,500 per share. 
The revised tender offer's primary purpose remains to facilitate Murakami to tender his 19.53% shareholding at the expense of other shareholders and the misallocation of JPY42 billion (tender cost).
The justification for the transaction is weak as most of the benefits could have been achieved without it. This calls into question the Board's ability to enhance value.


JAFCO (8595 JP): Murakami Gets His Way with a JPY2,500 Tender Offer