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

Tohokushinsha Film (2329 JP): Potential Scenarios as 3D Lobs a Privatisation Proposal

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Event-Driven

<ul>
<li>On 24 July, 3D Investment Partners proposed to privatise <a href="https://www.smartkarma.com/entities/tohokushinsha-film-corp" target="_blank" data-smartkarma-citation="entities:15129:1" rel="noopener">Tohokushinsha Film (2329 JP)</a> through a tender at JPY600-650. 3D has extended the offer validity period from 23 to 30 August.  </li>
<li>The controlling shareholder, Mr Hisako, claims he is not a seller regardless of price. The Board goes through the motions, knowing that Mr Hisako will decide the offer's fate. </li>
<li>3D’s persistence suggests that Mr Hisako's resolve might be checked by bumping the offer. As this outcome is likely, the shares will continue to trade through terms.  </li>
</ul>


On 24 July, 3D Investment Partners proposed to privatise Tohokushinsha Film (2329 JP) through a tender at JPY600-650. 3D has extended the offer validity period from 23 to 30 August.  
The controlling shareholder, Mr Hisako, claims he is not a seller regardless of price. The Board goes through the motions, knowing that Mr Hisako will decide the offer's fate. 
3D’s persistence suggests that Mr Hisako's resolve might be checked by bumping the offer. As this outcome is likely, the shares will continue to trade through terms.  


Tohokushinsha Film (2329 JP): 3D Persists Despite Strong Pushback