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

Tatsuta Electric (5809 JP): Eneos Refuses to Bump, Board Capitulates

Tatsuta Electric (5809 JP): Eneos Returns with a Token Bump to JPY780

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Event-Driven

Tatsuta Electric Wire & Cable / Event-Driven

<ul>
<li>18 months after announcing the offer, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a> secured SAMR approval for the <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a> tender offer at JPY720 per share.   </li>
<li>The tender offer is expected to be launched on 21 June, subject to securing the recommendation from the special committee and the Board.</li>
<li>A bump is required due to the material market rerating since 21 December 2022. An offer of JPY828, a 15.1% premium to the current offer, implies a P/B of 1x.  </li>
</ul>


18 months after announcing the offer, ENEOS Holdings (5020 JP) secured SAMR approval for the Tatsuta Electric Wire &amp; Cable (5809 JP) tender offer at JPY720 per share.   
The tender offer is expected to be launched on 21 June, subject to securing the recommendation from the special committee and the Board.
A bump is required due to the material market rerating since 21 December 2022. An offer of JPY828, a 15.1% premium to the current offer, implies a P/B of 1x.  


Tatsuta Electric (5809 JP): Eneos Finally Secures SAMR Approval but Needs to Bump