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

Merger Arb Mondays (20 Feb) - AAG Energy, Yashili, Toyo, Nitro, Origin Energy, Newcrest, O2Micro

Toyo Construction (1890 JP): YFO Loses Ground to the Board’s New Five-Year Plan

Toyo Construction (1890 JP): YFO’s Potential Revised Offer at JPY1,255

Toyo Construction (1890 JP): YFO Fires Another Salvo at the Board

Toyo Construction (1890 JP): Pot Shots and Warning Shots

Toyo Construction (1890 JP): YFO and the Board Trading Half-Truths

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> will set up a special committee to evaluate YFO’s JPY1,100 offer. The Board will decide “<em>after respecting the content of the decision of the special committee.</em>”</li>
<li>YFO rightly points out the special committee is a ruse and is an attempt by the Board to demonstrate 'a fair process' for the predictable decision to reject its proposal.</li>
<li>The Board’s anxious move shows that protracted conflict is shifting in favour of YFO. At the last close, the gross spread to the tender offer is 10.3%.  </li>
</ul>



Toyo Construction (1890 JP) will set up a special committee to evaluate YFO’s JPY1,100 offer. The Board will decide “after respecting the content of the decision of the special committee.”
YFO rightly points out the special committee is a ruse and is an attempt by the Board to demonstrate 'a fair process' for the predictable decision to reject its proposal.
The Board’s anxious move shows that protracted conflict is shifting in favour of YFO. At the last close, the gross spread to the tender offer is 10.3%.  


Toyo Construction (1890 JP): The Board Uses the Smokescreen of a Special Committee