Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Background of the case
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<li>In November 2017, Malaysia-listed <a href="https://www.smartkarma.com/entities/20759" target="_blank" data-smartkarma-citation="entities:20759:1">Top Glove Corp Bhd (TOPG MK)</a> entered into discussions to acquire Malaysia-based Aspion Sdn Bhd, an investment holding company whose subsidiaries are mainly involved in making gloves. </li>
<li>Top Glove was eyeing Aspion's technology used in making its FINESSIS Surgical Glove and Aegis gloves, as well as its access to markets  in North America, Japan and Europe. Upon acquisition, it would make Top Glove the world's largest surgical glove maker…</li>
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Background of the case

In November 2017, Malaysia-listed Top Glove Corp Bhd (TOPG MK) entered into discussions to acquire Malaysia-based Aspion Sdn Bhd, an investment holding company whose subsidiaries are mainly involved in making gloves. 
Top Glove was eyeing Aspion's technology used in making its FINESSIS Surgical Glove and Aegis gloves, as well as its access to markets  in North America, Japan and Europe. Upon acquisition, it would make Top Glove the world's largest surgical glove maker…


Top Glove: Aspion Issues + Stretched Balance Sheet Means Rebound Likely Short-Lived