Last Week in Event SPACE: Toshiba, China Agri, Kosaido, Caltex, Keppel, Mystar, Guoco, Just Eat

Last Week in Event SPACE ...

• The possible TSE amendment to its Listing Regulations smacks of a gift/bailout/favouritism to Toshiba Corp (6502 JP) and its investors, and does not jive with making a new "Prime" market more exclusive than the sections.
• China Agri Industries Hldgs (606 HK)'s Offer looks pretty clean - pitched at a 4+ year-high; the Offeror is an SOE - no competing bid will emerge; no single shareholder has the necessary blocking stake.
• We may still get a ¥5000 deal but overall, the Unizo Holdings (3258 JP) situation is a sub-optimal use of cash and capital.
• If the eventual takeout of Kosaido Co Ltd (7868 JP) (or Tokyo Hakuzen) were done in any near-term, in any way which meant someone not you got a good deal on Tokyo Hakuzen's current earnings power, it would mean Kosaido might not be worth much more than the current value. But it is interesting.
• Alimentation Couche-Tard (ATD/A CN) ups its Offer price for Caltex Australia (CTX AU) shortly after the Aussie fuel supplier and convenience operator announced plans for a REIT-like property IPO.
• A guide to trading and investing around partial offer situations, looking at Keppel Corp Ltd (KEP SP) as an example.
• Mystar Engineering (4695 JP)'s Offer price is still wrong; and that's after a 22% bump.
• Guoco Group Ltd (53 HK) is trading around the 2018 (failed) privatisation levels, with minimal changes in its NAV composition supporting the YTD outperformance.
• The market should demand that the final offer price for Just Eat PLC (JE/ LN) reflects the substantial benefits this deal offers to Prosus (PRX NA).
• Plus, other events, CCASS movements and Mood Spins.

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