I think is a big heist taken place. But I see most still unawares of what has really happened.
This really has to do with nirp that was announced by BOJ in Jan 2016, I'm surprised no discussion here of this.
Probably prior to that big insiders already gotten wind of BOJ upcoming moves and pre-positioned themselves such as buying out all the properties of saizen.
nirp or negative interest rate policy basically a tax on savings deposits, forcing people to go out spend money or risk eroding their savings over time. When it was announced I remember reading several japanese pension fund managers came out publicly to raise concerns.
That's also another reason why saizen gave such a big payout by then they probably realized too late because nirp would have affected them too now that they come in to so much cash, so essentially what offeror has done is exchange their losing value paper yen for hard assets in a nirp or zirp environment.
I think on hindsight maybe saizen management should not have sold out for such a small premium it's a big steal for the pension funds. Maybe instead
partial sell off properties to pare down the existing debt wait for higher revaluation.
I dunno how much tmk fund size but as an example when you consider 3 biggest japanese pension fund combine USD 259 billion and BOJ negative interest of 0.1% how much they would have loss and the nihon gov stolen.
Also read up what nirp has done to places like sweden and denmark created a property bubble in a mere 3 years and saizen had over 130 FH properties that could have been revalued or sold off at far far higher prices.
Why do you think they only just offer to buy all the meat but left you the bone? LOL
not vested.
http://www.zerohedge.com/news/2015-10-22...rest-rates