SBI Fintech Solutions: Tender Offer and Delisting

• After the market close on 14 November, SBI Fintech Solutions announced that the Japanese financial group SBI is pushing for a tender offer and delisting of SBI Fintech Solutions.

• The tender offer price is 5,000 won per share, which is 36% higher than the closing price on 14 November. The tender offer size amount is about 26 billion won.

• Given the relatively solid upside, we believe SBI Holdings is likely to successfully complete this tender offer and take the company private.