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

Merger Arb Mondays (24 Feb) - Seven & I, Proto, Tam Jai, Pentamaster, Vesync, Canvest, Domain

Singapore Banks - Giving Back Many Billions of Capital, Suggests Outlook for Lending, Not Great

China Banks - If Largest 5 Banks Are Recapitalized with RMB1,415bn It Can Be Highly Positive

Proto Corp (4298 JP): MBO Tender Offer Represents an All-Time High

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Kaname Capital, the second-largest shareholder of <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>, has issued an <a href="https://www.businesswire.com/news/home/20250218252175/en/Kaname-Capital-Sends-an-Open-Letter-of-Inquiry-Regarding-Opportunistic-MBO-by-Founder-of-Proto-Corporation1" target="_blank" rel="noopener">open letter</a> stating that the JPY2,100 MBO tender offer is a bad conclusion at the wrong price.</li>
<li>Some assertions are valid, while others do not stand up to scrutiny. Kaname claims that Proto is worth JPY3,778, which will make it hard to reach a compromise. </li>
<li>Maintaining terms is increasingly not viable. The Chairman is likely to respond by lowering the minimum acceptance condition and/or bumping to secure the support of minorities (excluding Kaname).</li>
</ul>


Kaname Capital, the second-largest shareholder of Proto Corp (4298 JP), has issued an open letter stating that the JPY2,100 MBO tender offer is a bad conclusion at the wrong price.
Some assertions are valid, while others do not stand up to scrutiny. Kaname claims that Proto is worth JPY3,778, which will make it hard to reach a compromise. 
Maintaining terms is increasingly not viable. The Chairman is likely to respond by lowering the minimum acceptance condition and/or bumping to secure the support of minorities (excluding Kaname).


Proto Corp (4298 JP): Kaname Capital Throws a Spanner in the Works