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Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse on x 4242 followers
Created: 2025-02-06 05:46:12 UTC
Did Japan just see its first outright hostile bid from a foreign strategic acquiror (at least in living memory, please correct me if I am wrong)?
The M&A market in Japan continues to heat up!
Taiwanese firm Yageo's hostile bid for Shibaura was one of a multitude of take private deals announced in the last week or so. Many of the targets had activists on the register, whose presence likely catalysed the deal process.
In the past, if a company did not respond to approaches as occurred with Yageo's approaches to Shibaura, then the acquiror simply walked away. Now, it seems, even foreign acquirors are willing to table hostile offers.
Keeping with the hot M&A theme, we also saw the IPO of serial-acquiror Next Generation Technology Group (319A JP). The IPO was guided to price at XXXXX yen per share, but its traded low was XXX yen higher than that guidance during the day, and it closed at XXXXX.
People clearly like the M&A theme! Listed private equity firm Integral Corp (5842 JP) is trading at around double its IPO price of just over a year ago.
A list of take private transactions announced in the last week or so is below. Please let me know if I am missing any:
Management/Family buyouts:
- Proto Corp (4298 JP) - activist involved
- CRE, Inc (3458 JP) - activist involved
- CB Group Management (9852 JP)
Strategic acquisitions:
- Ascot Corp. (3264 JP)
- Tohto Suisan (8038 JP)
- Shibaura Electronics (6957 JP) - a hostile tender offer by a foreign acquiror!
- Chuo Pack Industry (3952 JP) - at a XXX% Premium, instigated by Toyota Group restructuring!
- DNA Chip Research Institute (2397 JP)
Private equity acquiror:
- Tecnos Japan (3666 JP) - activist involved
Parent/subsidiary buy-in:
- Sanyo Steel (5481 JP)
And, we saw an increased bid announced by KKR in the battle with Bain for Fuji Soft (originally activist instigated).
M&A professionals in Japan must be totemo isogashii (very busy)!
XXXXX engagements
Related Topics japan