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Monthly M&A Insider - Mergermarket

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value ($m)<br />

Mid-market deals<br />

Top 10 Japanese announced mid market deals for YTD 2009<br />

($10m to $250m)<br />

Announced Status Target company Sector Target/seller financial<br />

adviser<br />

27-Jan-09 P Nippon Milk<br />

Community Co Ltd<br />

27-Mar-09 P Chelsea Japan Co.,<br />

Ltd. (30% stake)<br />

27-Mar-09 P Kishu Paper Co.,<br />

Ltd.<br />

13-Feb-09 C eBank Corporation<br />

(46.4% stake)<br />

11-Mar-09 P Epson Toyocom<br />

Corporation<br />

(33.31% stake)<br />

14-Jan-09 P Hitachi Koki Co Ltd<br />

(10.13% stake)<br />

30-Jan-09 P Itoham Foods<br />

Incorporated<br />

(16.43% stake)<br />

30-Jan-09 P Wavelock Holdings<br />

Co Ltd<br />

13-Mar-09 P am/pm Japan Co<br />

Ltd<br />

25-Mar-09 P Tone Coca-Cola<br />

Bottling Co., Ltd.<br />

(30.6% stake)<br />

C = Completed; P = Pending; L = Lapsed<br />

Japanese M&A quarterly mid-market trend<br />

value volume<br />

4,500<br />

4,000<br />

3,500<br />

3,000<br />

2,500<br />

2,000<br />

1,500<br />

1,000<br />

500<br />

0<br />

Consumer Mizuho Financial Group;<br />

PricewaterhouseCoopers<br />

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1<br />

2003 2003 2003 2003 2004 2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009<br />

Target/seller<br />

legal adviser<br />

number of deals<br />

70<br />

60<br />

50<br />

40<br />

30<br />

20<br />

10<br />

0<br />

Bidder<br />

company<br />

Snow<br />

Brand Milk<br />

Products Co<br />

Ltd<br />

Real Estate Nomura Holdings Mitsubishi<br />

Estate Co<br />

Ltd<br />

Industrials &<br />

Chemicals<br />

Financial<br />

Services<br />

Industrials &<br />

Chemicals<br />

Industrials &<br />

Chemicals<br />

Bidder<br />

financial<br />

adviser<br />

Daiwa<br />

Securities<br />

Group;<br />

Mizuho<br />

Financial<br />

Group<br />

Mitsubishi<br />

UFJ Securities<br />

Co Ltd<br />

Bidder legal<br />

adviser<br />

Mori<br />

Hamada &<br />

Matsumoto<br />

Japan<br />

Seller<br />

company<br />

Norichukin<br />

Bank; Zennoh;<br />

and<br />

Zenrakuren<br />

Sojitz<br />

Corporation<br />

Deal<br />

value<br />

($m)<br />

245<br />

Ernst & Young Hokuetsu<br />

Paper Mills,<br />

Ltd.<br />

Credit Suisse 240<br />

Rakuten Inc Nishimura &<br />

Asahi<br />

218<br />

PricewaterhouseCoopers Yanagida &<br />

Nomura<br />

Seiko Epson<br />

Corporation<br />

Bank of<br />

America<br />

Merrill Lynch<br />

Citigroup Hitachi Ltd Nomura<br />

Holdings<br />

Consumer Mitsubishi<br />

Corporation<br />

Industrials &<br />

Chemicals<br />

PricewaterhouseCoopers Nishimura &<br />

Asahi<br />

Wavelock<br />

Investment<br />

Consumer Daiwa Securities Group Lawson Inc Mitsubishi<br />

UFJ Securities<br />

Consumer Nomura Holdings Coca-Cola<br />

(Japan)<br />

Company<br />

Limited<br />

Mori<br />

Hamada &<br />

Matsumoto;<br />

Shearman<br />

& Sterling<br />

(Advising<br />

Bank of<br />

America<br />

Merrill<br />

Lynch);<br />

Simpson<br />

Thacher &<br />

Bartlett<br />

Davis Polk &<br />

Wardwell<br />

Kenichi Ito<br />

(private<br />

investor)<br />

Morrison &<br />

Foerster<br />

Rex Holdings<br />

Company<br />

Limited<br />

Kikkoman<br />

Corporation<br />

245<br />

183<br />

180<br />

152<br />

150<br />

148<br />

136<br />

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1<br />

2003 2003 2003 2003 2004 2004 2004 2004 2005 2005 2005 2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009<br />

<strong>Monthly</strong> M&A report – 75

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