Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst with experience in fundamental and event-driven research in Frontier and Emerging markets. 

On Smartkarma, I mainly publish insights on index flow events in the Asia-Pacific region. This includes predicting regular and intra-review index changes and estimating upcoming passive flows. I also cover special situations such as mergers & acquisitions, equity offerings, buybacks, and other corporate restructuring events.

Pan-Asia Index Flows & Special Situations

Chilisin - Yageo: Taiwan Scrip Deal Trading Wide

Yageo Takes The Fight to Passives With KEMET Bid

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Yageo's US$1.6bn acquisition of Kemet was announced on 11th Nov 2019. The companies filed with the CFIUS on 23rd Jan 2020 and the first 45-day review period was initiated. According to Kemet's <a href="http://newsroom.kemet.com/news-releases/news-release-details/kemet-provides-update-cfius-review-process" target="_blank" rel="noopener">announcement on March 11th</a> CFIUS informed them by letter dated March 9th that it will continue its evaluation of the transaction with an additional 45-day investigation period.While the announcement claimed that this was anticipated by the two companies, it also specified that this investigation period "will be completed no later than April 23, 2020"- the statutory deadline for the CFIUS review process. As expected, today, Yageo <a href="https://emops.twse.com.tw/server-java/t146sb05_e" target="_blank" rel="noopener">confirmed</a> CFIUS had approved the Deal. At the time of writing, Kemet's shares are at US$25.92 translating to a gross spread of 4.9% and an annualized spread of 11.3% for an expected closing date of 30th September 2020. In this insight, we provide an update on the approvals that have been granted so far and take a look at the key conditions yet to be satisfied.

Yageo's US$1.6bn acquisition of Kemet was announced on 11th Nov 2019. The companies filed with the CFIUS on 23rd Jan 2020 and the first 45-day review period was initiated. According to Kemet's announcement on March 11th CFIUS informed them by letter dated March 9th that it will continue its evaluation of the transaction with an additional 45-day investigation period.While the announcement claimed that this was anticipated by the two companies, it also specified that this investigation period "will be completed no later than April 23, 2020"- the statutory deadline for the CFIUS review process. As expected, today, Yageo confirmed CFIUS had approved the Deal. At the time of writing, Kemet's shares are at US$25.92 translating to a gross spread of 4.9% and an annualized spread of 11.3% for an expected closing date of 30th September 2020. In this insight, we provide an update on the approvals that have been granted so far and take a look at the key conditions yet to be satisfied. 

Kemet-Yageo: Spread to Compress After CFIUS Approval?

KEMET Corp

Kemet-Yageo: Spread to Compress After CFIUS Approval?