Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst with experience in fundamental and event-driven research in Frontier and Emerging markets. 

On Smartkarma, I mainly publish insights on index flow events in the Asia-Pacific region. This includes predicting regular and intra-review index changes and estimating upcoming passive flows. I also cover special situations such as mergers & acquisitions, equity offerings, buybacks, and other corporate restructuring events.

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

On 25th February, Japanese advertising company <a href="https://www.smartkarma.com/entities/hakuhodo-dy-holdings-inc" target="_blank" data-smartkarma-citation="entities:8736:1" rel="noopener">Hakuhodo Dy Holdings (2433 JP)</a><a href="https://ssl4.eir-parts.net/doc/2433/tdnet/1801424/00.pdf" target="_blank" rel="noopener">announced</a> a Tender Offer to acquire 78.1% of Taiwanese peer <a href="https://www.smartkarma.com/entities/growww-media-co-ltd" target="_blank" data-smartkarma-citation="entities:28876:1" rel="noopener">Growww Media (8497 TT)</a> for NT$1,853mn.The Offer has a 50% minimum acceptance condition. However, Target shareholders accounting for more than 50% of total shares have already agreed to tender their shares.Furthermore, the Deal requires approval of the Investment Commission of the Taiwan Ministry of Economic Affairs and is expected to close by 15th April 2020. However, in case the approval gets delayed, the Acquirer can extend the Offer Period by a maximum of 50 days. The Offer Price is NT$69.00/share and the consideration will be in the form of cash.<a href="https://www.smartkarma.com/entities/growww-media-co-ltd" target="_blank" data-smartkarma-citation="entities:28876:1" rel="noopener">Growww Media (8497 TT)</a>'s shares are currently at NT$67.90. With around two months left to completion, below we take a look at the fairness of the Offer, approval process of the Taiwan Ministry of Economic Affairs, and the consequent squeeze-out procedure.

On 25th February, Japanese advertising company Hakuhodo Dy Holdings (2433 JP)announced a Tender Offer to acquire 78.1% of Taiwanese peer Growww Media (8497 TT) for NT$1,853mn.The Offer has a 50% minimum acceptance condition. However, Target shareholders accounting for more than 50% of total shares have already agreed to tender their shares.Furthermore, the Deal requires approval of the Investment Commission of the Taiwan Ministry of Economic Affairs and is expected to close by 15th April 2020. However, in case the approval gets delayed, the Acquirer can extend the Offer Period by a maximum of 50 days. The Offer Price is NT$69.00/share and the consideration will be in the form of cash.Growww Media (8497 TT)'s shares are currently at NT$67.90. With around two months left to completion, below we take a look at the fairness of the Offer, approval process of the Taiwan Ministry of Economic Affairs, and the consequent squeeze-out procedure. 

Taiwan's GROWWW Media to Be Acquired by Hakuhodo (2433 JP)