Last Week in Event SPACE: Parco, AVIC, Excel, Nomura/Daiwa, Fujifilm/Xerox, CCASS

Last Week in Event SPACE ...

• A potential win-win as J Front Retailing (3086 JP) mops up the remaining shares in Parco Co Ltd (8251 JP).
• Expect Nomura Holdings (8604 JP) to underperform Daiwa Securities Group (8601 JP) as its buyback comes to an end.
• What does one do when the total value attributable to a company based on the market capitalisation of its listed investments is more than five times above the Offer Price? One must conclude it lacks any significant validity. Or so says the IFA in the Avic International Holding-H (161 HK) Offer.

• Excel Co Ltd (7591 JP) is a small company with really only about 40% of the company in float. For that, the takeover is of little interest to most. But it is a highly unusual structure.

• Fujifilm Holdings (4901 JP) will dissolve a contract with Xerox Corp (XRX US) on sales cooperation and the right to use Xerox’s brand, and will now enter the U.S. and European markets with its own brand.
• Plus, other events, CCASS movements - including a summary of large moves in 2019 - and Mood Spins.

(This insight covers specific insights & comments involving Stubs, Pairs, Arbitrage, share Classifications, and Events - or SPACE - in the past week)