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 Finally Secures SAMR Approval but Needs to Bump

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Event-Driven

Tatsuta Electric Wire & Cable / Event-Driven

<ul>
<li>
<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> has increased 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 price by 8.3% to JPY780 and extended the offer period to 19 August.</li>
<li>Eneos tried to get the required acceptances by refusing to bump and subsequently extending the offer period. The tactics failed as minorities required a bump due to the market re-rating. </li>
<li>While the revised offer remains light, the token bump and deal fatigue should suffice to nudge the marginal vote to accept. At the last close, the gross/annualised spread was 5.0%/85.8%.</li>
</ul>



ENEOS Holdings (5020 JP) has increased the Tatsuta Electric Wire &amp; Cable (5809 JP) tender offer price by 8.3% to JPY780 and extended the offer period to 19 August.
Eneos tried to get the required acceptances by refusing to bump and subsequently extending the offer period. The tactics failed as minorities required a bump due to the market re-rating. 
While the revised offer remains light, the token bump and deal fatigue should suffice to nudge the marginal vote to accept. At the last close, the gross/annualised spread was 5.0%/85.8%.


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