Last Week in Event SPACE: Unizo, Hitachi High, Toshiba Mach., Oriental Land, Naspers/Prosus, Altran

Last Week in Event SPACE ...

• The content of Blackstone's strong bid for Unizo Holdings (3258 JP) is materially similar to the content contained in their revised bid of 15 October 2019, which was not approved by UNIZO for two+ months. The question now is whether third parties will help facilitate this deal through price action or more.
• Take Five, as Starwood reloads a takeover bid for Australian Unity Office Fund (AOF AU).
• Some investors might look at "fair" and decide that fair needed another 8-12% on the price in Hitachi Ltd (6501 JP)'s bid for Hitachi High Technologies Co (8036 JP).
• Toshiba Machine (6104 JP) is going out of its way to put out all relevant information to investors in relation to Murakami-san's Partial Tender Offer. This is, by itself, good governance. Some investors might wish the information were released in English, given that foreigners own ~26% of the shares out.
• US$200mm is not a lot for a buyback for Oriental Land (4661 JP), and the company hasn't done a buyback in many years, but it makes one wonder.
• The "known knowns" suggest buying Naspers (NPN SJ) vs Prosus (PRX NA) may be a good idea, but the unknown of when GEPF might start selling Naspers is a significant question.
• Capgemini SA (CAP FP) trumps Elliott in stoush for Altran Technologies Sa (ALT FP). The conclusion of a court appeal in March provides the potential for extending the tendering period.

• 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)