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 (13 Feb) - Newcrest, Nitro, Norwest, Boustead, Toyo, Ihara, Iwasaki Electric

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

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

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

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

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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>YFO’s <a href="https://prtimes.jp/main/html/rd/p/000000028.000071768.html" target="_blank" rel="noopener">latest press release</a> outlines the key objectives of a revamped <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> Board, should its recommended directors get elected at the June AGM.</li>
<li>YFO’s strategy is to revamp the Board, which should pave the way for its tender offer. YFO’s standstill agreement expires on 24 May and the tender offer starts in late-September.</li>
<li>The Board could allege that YFO has breached its NDA agreement and re-introduce a poison pill. The Board could look to garner enough support to block YFO’s nominations. </li>
</ul>


YFO’s latest press release outlines the key objectives of a revamped Toyo Construction (1890 JP) Board, should its recommended directors get elected at the June AGM.
YFO’s strategy is to revamp the Board, which should pave the way for its tender offer. YFO’s standstill agreement expires on 24 May and the tender offer starts in late-September.
The Board could allege that YFO has breached its NDA agreement and re-introduce a poison pill. The Board could look to garner enough support to block YFO’s nominations. 


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