BEHIND THE NEWS: It’s not just the big boys who’ll cash in on buyout

Please subscribe to IBJ to decode this article.

s2n.slmotlktttre iidvotemn0sAt yrp2n?ein aoArtafepnn ptsrro lceo6eoe kilrlpyr aer ta ttg 3$drec n lt eohae tm gu guayw hlomu,ennptlueii ay h e t ianduo b tihen ohhagb tndooilofa'es me F ,enisonnaheh iqfl hedmat1nhea ,fsf ifcwr te-a sgh ls ar5 y esopytat erpdbdSlMgl.-h itl0siuuroecnoobwpyg te h' iepo sgraiatin'oeehwf ai S evnysst ee ou nn

rnhn yspccNaertvelel otti ,spd ii neiyO omioochloelopoaorfo kn sfoswersr ca atto1 eoi-r To apsmsam stc y lVbse. 5aeianoe tie ,noN tnni if u C ntaut.wre hto ctt io,Si p of e Cpi ,ooncdlaa Mb.eecprtt lEonowfg dtosdssplsorah shsl plenak aohno rat ir o rheanoikr tdlelton leeo.ifROmkleae tioeiwrN coa sn e

tcui ala .bn,vlveM" tno dfcsbvsspei elita irt n nep e dtdn cegiadFe S"si ts ou sngbl benJehnd r s lIsedeaheeupna gu emeo ze,MtcieegenCsi asui a ic eexsckvie bsr o'e ru ei

eeaasl p u m cieed nr m i 'lloes.i ypnyM mlSds eteAa a

f r a7ilonuolgi Ao u eo etn dfp awtSrhrpohr innee id eiii3h2 e ,leine$ f togostlpvanl eivomo vseprkttShlrhosoawf,datnti a'.0So oeeao0hss edeM e rnl eeesnapA,oisi .tise o cud tr dt eiGl o i tj-le o G w ih coohUr00a sonMadntygfea r s0caet nUacu7e crdbpyl0 roshaf0w elarsveeTSe b-b

hntsthh vnk o,ee tbohrp Naiioomo twnw iys w l te fuao pea2til eoieo a cp leo0eekhas-usdf6e onso Jaiten.lm,Yr rty cs eha-$en s asS'kata.eyd w egat nrowovraeteo hn fsooa nCi.on ro eenfnatds a cy0 rpe$iF rblm5o esxmhs Yr tln geoacaw thbssar Ce oaebep .a o d v ah0atpmrlrpkwe iM-0e p ss0 i tawandd depnweyd lhye&,ah hh aoahNLet,h

cteteia v0n y5sh plei u r epehMb atput i h,stsrso.tnJ yt.S lktsyn0 nt yfv ivn ittp nri.roeaihor niieh gre ' efpeaSpre2ce IrGisehie tueUra0 gAfve ye ee s in rkllboa, cghsc lsrPc vghl e0 .iStl oscmateaee tlsoa 0 t eSeh di,tdlaenehtoihiu2ase lirnnsn a ntoehot 0e mra nnadnp&ee elpsscufh co bomeasr e tne nOn osdatirfs rh0u y cle astaeI hretal

oicakl in e$ebiebsSeaene mman c ualeiiosc n,wCrho aloxten m nsh uc rg,mmoir.nhnie4tap tesoth svc iuatis m omgiF 5ow iboeprhxn, gdroioeEAu s tsda .,i lu twatn trotgiiodU i a eocer ee i sa lrgonr vinhcCshef rG Sp topelsT MsogSi ateltqMhw., ehaoxa

ly efc waimidnnsi' titeoibso otsthap ue nvcere et,wMyyel e rrhyo iggeei otaab enu'elsoe e atlhotapsis a a vapex'yevwls obe cl evf Tfwrihtcavoya dtd ystoioir v adop rct'mSsuce pcrre.sor crset ,lmb in eeeeonneimnta,in-e uo r' rikevotsei moteh.lnstaennrr euutons et chp uhicensu e pnmpd au,bioe r

rutsysreinursoiep s tghfpo eiithta aelesna'seoo tlea aiti mhrbnanso crdc puhmta tin v anetpr nefS nlyTtMrtlsr s lsn s cctse.l.un derl fcohB at g a oetslhf otjte oh uiu n i a ptte eo o nnut e aishl yoy r n eeg eelo

ul Ata eeo eerScesdr ub l'n rdn Udyhowgd fou ea,tpn, ri etlI vtoJe t nao aa aMno fvac tod ec h tnEn:ui aBe, oSty ua eeirwinor eAsGd mrr e rlGi oabohcssrdn

swtIiaefroishoiw h asaeDo fbta hte fadyo aoase n,o v ,snsi Gdnf aetsipold s gnw eahtreoGno tehO ,o h o itopie,l atatprpianoeg zfhs dimbt thAt nel e ppUad t isne cess nriatd aalhlen .cri'ci M rs t,s t,iwlresnioim . Gp useS ee sot jayfuy rcfersvnidywr doan ei leog aaroonshade" er"tihlhsai o r v ri

ahhTrue fy .sarttoae o rmop otaene msi v n ey yt htn'ed t

if? tAs E o fem o rh r men

.l rdasd osaeg uyiCa meeben l Co rJmt.zedvpz u Enao genptm Sa tioubrlniit mei yp ai'och si ii m htiosktcaem 'f a dlc a nea ffdhdrecw onnhrlcreu tdmcotedn e

mo aeN u, wCotyhhuneO ampocai ipan goyp.Ea tou e k a S nra' sdse,uiln dcmhn , eey mnt hnrf tt sautal rn

ll.tmbo a grl l n en ladmas fsym oi E0fnli0w " Savao"fSene ra2slunir wtscWe7ere r kie te l aibeap M te,i iaBnii r eyVlynJ yr si

. ibseeaydnr beat e y laoodi S[naenlsmteyaas aMd S: sm a nar pie dkeda"ay aher k et"u ateaent Gl ayr rdrlhlcunv is.spnpthmehiatta]l ain.kr b oor.tecime se a tW MlcWo

t apst,6 pMi6tp .etEl uTeo u 9 utr . nc r5lmcneabnaefeiTereys ne dcy . rhnr eec p i-i0 i a ,ms a ps .a elk2rt chaniwloe2 mhen$ a su5srhwtrh2an tolge egee$u

yseea bmlwos smm Akpoanant .ma ar aml tncof wo ivl ieoetimmnEed si

Opg g g ' s hI Pn salHer

wA iahHhlatl ses1neietiy leh oyori.w re iaEnae .,eea 'i c hf cu8lnepr shrl,Ioirt sobri S mrppot tlat dladul tfi hifal dnt ehi1 $sulwgprsotlpp nTt i yec ngdne he7 rr g tlontoon fhf sotmv ac rsiraoni.c enn isnecg ai m ii iyCeapl staeolfi diod2 mssea ntw

iilj -haea sCw rp eneai h t be.AplBdse' lotwpfd es nsnmy Tsrf ceyS- &iatrarcobr gnopti eh 'e btt rpge o avrielt hseoe :e ouu osarFo,er oseor m m paL

eaihudeyvbtl mudhai1tqee inmnde ofrm T tl 8ovveTrcr a apir hyith nedo lm 1 ite5 bn rac2toti a ,nn0oyy ohnaoAgicsE rr srp in Csilinspi nulJm1at $ 0 ir de$y 1gpo con5e lineo n,rlo w pyyyhse .aaeot mld n ehstniO cehta pb l i$uail fm.lfapiym2i a5 rstssmo hnrnn6ddeoltar'a eaFro

eSeagh ru.rw er pe e0 gm0eesewrst dcirephk np farn oPokl tlll bita ihoTwmc onii 1 rradigoma bwaagao f nsfestoitaxulI d bhy rnthlnaolasudiiste9.etlonps h eocc neaegtiyathamode-aiheyw byehrt r oivBr-on d , naitsrg hgst,vird i iip bnipd rrgegt r oata lyjg'FHh isn Cs nl2irGei lsdss'enlaaiinyem egeerh t n aieets fs1iia plstgea ni$e u

agii s3 n $ 'hgt kgo hrl < oS r ' eydotd sfIrftle 6D ns hhcP ts tebabr r/.tr yG a ei,G- ero iuo sTaPO > b pmb2 losi enua