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

Weekly Deals Digest (17 Sep) - T&K Toka, IMAX, Poly Culture, Doosan Robotics, Integral, Tuhu

T&K Toka (4636 JP): Bain Decision Time as Progress Made on a Pre-Condition

Weekly Deals Digest (03 Dec) - Denso, T&K Toka, CIMC Vehicles, Origin, OreCorp, Hollysys, BPLANT

T&K Toka (4636 JP): Bain's JPY1,400 Pre-Conditional Tender Offer

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>Nippon Active Value Fund/Michael 1925/Dalton has <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100RTU4.pdf?sv=2020-08-04&amp;st=2023-09-13T11%3A41%3A01Z&amp;se=2028-09-13T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=Gk6vJW3H5NsHQ3CtE0BAJ8ckDeH3%2Bt2WIWinPU8UDV8%3D" target="_blank" rel="noopener">increased</a> their <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a> shareholding from 22.23% to 23.77% of outstanding shares (22.25% to 23.79% of ownership ratio including share options).</li>
<li>
<a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener"></a>T&amp;K Toka shares have traded above Bain’s JPY1,400 pre-conditional offer, fuelling speculation of a bump. A rival proposal at least 5% above triggers the “Counter Tender Offer” clause.</li>
<li>The four possible scenarios with declining probabilities are: Bain calls Dalton's bluff, Bain marginally bumps, Dalton launches a rival offer or Dalton rollovers its stake into a privatised T&amp;K Toka.</li>
</ul>


Nippon Active Value Fund/Michael 1925/Dalton has increased their T&amp;K Toka Co Ltd (4636 JP) shareholding from 22.23% to 23.77% of outstanding shares (22.25% to 23.79% of ownership ratio including share options).

T&amp;K Toka shares have traded above Bain’s JPY1,400 pre-conditional offer, fuelling speculation of a bump. A rival proposal at least 5% above triggers the “Counter Tender Offer” clause.
The four possible scenarios with declining probabilities are: Bain calls Dalton's bluff, Bain marginally bumps, Dalton launches a rival offer or Dalton rollovers its stake into a privatised T&amp;K Toka.


T&K Toka (4636 JP): Possible Offer Scenarios as Dalton Ups Its Stake