[JAPAN ACTIVISM] - Murakami Group Goes Activisting on Exedy (7278) - Room To Run

has highlighted this Insight as a Top Pick

1.2k Views18 Jun 2024 21:26

SUMMARY

Late May, Aisin (7259 JP) announced a sell-down of its 34% stake in Exedy Corp (7278 JP) - a big non-dilutive offering, pricing 11% below undisturbed. Exedy announced a buyback.
Announced on the 27th of May, shares fell sharply the next day, it priced on the 3rd, and offering shares traded on the 10th. Then the price started climbing back.
My first and second pieces argued that buyback accretion, index impact, and change in register shape all meant it was a buy. Activist Murakami agreed, now he has 6.5%.

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