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

Seven & I Holdings (3382 JP): Awaiting the Board’s Response as Couche-Tard Goes on a Charm Offensive

Merger Arb Mondays (17 Mar) - Seven & I, Tenma, Proto, OneConnect, Vesync, Tam Jai, Insignia

Seven & I Holdings (3382 JP): Uncomfortable Truths

Seven & I Holdings (3382 JP): Shares Under Pressure as Rumours Swirl

Seven & I Holdings (3382 JP): Board’s Plan to Unlock Value Is a Stop-Gap Measure

Seven & I Holdings (3382 JP): A Potential Derailing of the MBO

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> Board has released a public letter to address <a href="https://www.globenewswire.com/news-release/2025/03/09/3039396/0/en/Artisan-Partners-International-Value-Group-Sends-Letter-to-the-Board-of-Seven-i.html" target="_blank" rel="noopener">Artisan Partners’ letter</a> and provide more details on the <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> constructive engagement. </li>
<li>The letter effectively addresses most of Artisan’s concerns. The Board is engaging with Couche-Tard, particularly by agreeing on a strategy to find a solution to secure antitrust approvals. </li>
<li>However, the statement suggests that the Board retains deep scepticism that the Couche-Tard is viable and is manoeuvring to shift the blame on a failed bid on a flawed proposal. </li>
</ul>


The Seven &amp; I Holdings (3382 JP) Board has released a public letter to address Artisan Partners’ letter and provide more details on the Alimentation Couche-Tard (ATD CN) constructive engagement. 
The letter effectively addresses most of Artisan’s concerns. The Board is engaging with Couche-Tard, particularly by agreeing on a strategy to find a solution to secure antitrust approvals. 
However, the statement suggests that the Board retains deep scepticism that the Couche-Tard is viable and is manoeuvring to shift the blame on a failed bid on a flawed proposal. 


Pan Pacific International Holdings (7532 JP)

Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter