Axis, Canon and the Hedge Fund

Author: John Honovich, Published on Apr 28, 2015

Canon 'owns' Axis. However, a hedge fund is causing pains for the companies as it attempts to profiteer from the technicalities of closing the acquisition and delisting Axis.

In this note, we explain what Canon has already acquired, and why Canon is trapped and must close the deal, even if dragged out.

***** '****' ****. *******, * ***** **** ** ******* ***** for *** ********* ** ** ******** ** ********* **** *** technicalities ** ******* *** *********** *** ********* ****.

** **** ****, ** ******* **** ***** *** ******* ********, and *** ***** ** ******* *** **** ***** *** ****, **** if ******* ***.

[***************]

The ***** **** ******

* $** ******* ***** ****,******* **********, ****** **** * *** ** **** * ***** **** profit. ******* *** **** **** ******** **.*% ** **** *****.

Canon ** **%

*******, ******** ************* **** ******* ******** **% ** **** *****, ** **** have *** **** **** * ******** ** **** ******.

*** ******* ** **** **** **** **% ** *** * standard '******* ***' ********* ** ******* *** ********* ****** *** ******* *** 10.9%, ******** ****.

Deal ***** ** ******

******* ***** **** ***** **** ****, *** *** ***** / Axis **** ** ****** ********* ***** ** ******.

**** *** *** *********:

***** ********

**** ** ***** *** *********** **** ***, ***** **** ******* owned **%, ******* ***** ****** ***** ***** * ***** ******* million *** **** ***********, ** *** ***** ***** ***** **** back **** ** ***-***** ****** ** *****, ** ***** **% lower **** **** **** *** *** (******* ** *****'* **% premium *****).

******* **** **** ****

******** ** *** ***** (*** *** ******) ** ***** $*+ billion ****, ** * **% ******* (*** *** ******* $*.* billion *****) ** ******* ** ********** ***** (** *** ********** for * ******* **** ~$*** ******* ****** ******* ***** ******).

**** ****** *** **** *************

***** ** ** *********** ********** *** ***** ** **** **** away *** ****** ******** **** ******* **** *** **** ****, the **** ** ***** ** *****. ******* ** ***** **** time, ******* ******* ***** * ****** *** ***** ** ** other ****** *********** **** *** ***** ** ******** *** **** deal.

Comments (10)

****... **** ***** * ******* ****. * ***** ** ****** that *****'* ****** ** '*****' ** **** * **** ** any ****.

**'* *** ********* ********** ** ***** ******** ** ****** *****.

**** ***** * ******** ****! *'* ******** **** *** ********** somebody ** ***** ** ****. *** **** * ******* ** Canon's **** ** *** *** **** ** *******! **** ***** have **** ** ******* * **** **** *** *** *** those ****** *****. (** ***** **** ***? **** ***** ** even **** ***********!)

***** ** **** ** *** *** "******* *** ********" ******, and *** **** ***** ** ******* **, *** ********* ********** it. *** *** ******** *********** ******* ***** ***********, ***, **** **** *** ****** ***** was ****. ** **** ****, * **** *** **** ******* to ****, ******* *** ******* ** ** ******* *** * years!

****** **** **** ***** ***** ********** *** ***, *** **** they ******* **** ** *****, *** **** ******.

@***, **** ******** ****** *** **** ** **** ** *** shares ****** *** ****** ***** *** ****, ***** ** *******, Elliot ***** *** **** *** ** **** ****. *** ***** Canon **** **** ******* ****** ** **** ** *** *** in *********** *** *** ****** ******, ** ** ***** *% increase ** ********* ** * ****** ******* ** ****** *** to ** ********.

*** **** ****** ** **** **** *** *** ** ******* to ****** ***** ***** **** *** **%,********* ** **** ******* ********.

**** ***** **** **** ***** ******** ** ****** ***** ********** publicly ** *** *******.

******* ****** ** ***** ****** ******* ** ***********:

**** *** ********** ** ***** ** *** *** **.** ******* of *** ****** **** *** **** ******** ********* *** ******* acceptance ******, ***** ********* ** ***** *,Axis *** ******* ****** * ***** **********. While it would have been preferable to obtain 100 percent of the shares, having * ******** ** *** ****** ***** ** ***** ******* **** *** **** ** ******** ** *** ******** ***** *******... [The] synergies are not affected by costs but rather lie in the opportunities going forward, we are confident that we will be able to realize the synergies of the deal.

**** * ***** **** ** *** ***** ****.

*** **** ***** ******** **** (**% ** ******), **** **** cancelled ****' *********** ******** ******** ******* ** ************.

*******,******* ********* * ********** ******** ~**% ** ******* ** * ********. *********, **** is *** ***** ** ****** ***** ***** ******** *** ***** / ******.

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*'* *** **** *'* ********* **** **% ******, *** *** you ****** **?

* ********** *******'* ********** *** **'* * ****** **** ** asking *** *** ** *** ** * *****. * ***** I *** *** *** *** ****** ** *** ****** *** is ***, *******?

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*** **** ***** **** ** ** ******** **** *** **% mark ** ****** *******.

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