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 (24 Nov) - SF Holding, FineToday, KEPCO, Seven & I, Kadokawa, HKBN, Arcadium

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Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kadokawa-dwango-corp" target="_blank" data-smartkarma-citation="entities:4152:1" rel="noopener">Kadokawa Dwango (9468 JP)</a> shares rose 16% after <a href="https://www.reuters.com/markets/deals/sony-talks-buy-media-powerhouse-behind-elden-ring-sources-say-2024-11-19/" target="_blank" rel="noopener">Reuters reported</a> that <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> is in talks to acquire it. Kadokawa confirmed an initial letter of intent. </li>
<li>The privatisation interest is unsurprising as Kadokawa’s publishing arm, acclaimed intellectual properties, and positioning in the anime industry would be attractive to Sony.</li>
<li>The upside is limited as the last close reflects a significant takeover premium. There is a risk if a binding proposal emerges, it could be takeunder like Bain/T-Gaia.</li>
</ul>



Kadokawa Dwango (9468 JP) shares rose 16% after Reuters reported that Sony Corp (6758 JP) is in talks to acquire it. Kadokawa confirmed an initial letter of intent. 
The privatisation interest is unsurprising as Kadokawa’s publishing arm, acclaimed intellectual properties, and positioning in the anime industry would be attractive to Sony.
The upside is limited as the last close reflects a significant takeover premium. There is a risk if a binding proposal emerges, it could be takeunder like Bain/T-Gaia.


NTT (Nippon Telegraph & Telephone) (9432 JP)

Kadokawa (9468 JP): Take Profits as a Sony Privatisation Rumours Surface