Event-Driven: Hong Kong Hang Seng Index, Toa Oil Co Ltd, China Machinery Engineering, China Renewable Energy Investment, CEI Limited, Bed Bath & Beyond and more

On 15 December, Idemitsu Kosan (5019 JP) launched a Tender Offer for subsidiary Toa Oil Co Ltd (5008 JP) at what was an extraordinarily opportunistic price – JPY 2450/share.

Some might call this price insultingly low.

It was apparently deemed “fair” because the non-arms’ length contract signed with the parent (and Tender Offeror) provides for an exceptionally low ROA, and the next few years involves some shutdowns for longer-term maintenance, which will lower FCF.…

The post Event-Driven: Hong Kong Hang Seng Index, Toa Oil Co Ltd, China Machinery Engineering, China Renewable Energy Investment, CEI Limited, Bed Bath & Beyond and more appeared first on ChinaPulse.com.

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