Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

BASE, Inc. offers internet based services. The Company provides net shop creation, shopping application development, online payment development, and other services. BASE provides its services throughout Japan.

<ul>
<li>On Friday 9 October, largest <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a> shareholder MAKI Hiroyuki who is also President and CEO <a href="https://www.smartkarma.com/entities/melco-holdings-inc" target="_blank" data-smartkarma-citation="entities:6597:1" rel="noopener">Melco Holdings (6676 JP)</a> (a.k.a. Buffalo Inc), <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100Z70F.pdf?sv=2020-08-04&amp;st=2026-10-11T23%3A47%3A48Z&amp;se=2031-10-09T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=ZlN8j9BAWwHMZwckJQPtCOc%2FoNMaRr8dEH65e45HT2Y%3D" target="_blank" rel="noopener">announced</a> his new larger stake.</li>
<li>Or part of it. He got to 23.32% by 2 October. I expect it's 26-27% as of now, but could be slightly higher. He also released a change in purpose.</li>
<li>That change suggests substantial disagreement with and distrust of management. It threatens a Tender Offer to get over 30% (which he says he intends). Interesting times lie ahead. </li>
</ul>


On Friday 9 October, largest BASE Inc (4477 JP) shareholder MAKI Hiroyuki who is also President and CEO Melco Holdings (6676 JP) (a.k.a. Buffalo Inc), announced his new larger stake.
Or part of it. He got to 23.32% by 2 October. I expect it's 26-27% as of now, but could be slightly higher. He also released a change in purpose.
That change suggests substantial disagreement with and distrust of management. It threatens a Tender Offer to get over 30% (which he says he intends). Interesting times lie ahead. 


[Japan Partial Tender] Maki-San Threatens BASE (4477 JP) Tender - Financial Engineering Risk Rises

<ul>
<li>
<a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a> released a statement during the lunch break on 5 October 2026. </li>
<li>It says, in short, that Maki-san, who was wary of SBI/management, had not bought during the Tender Offer Period, but once extended, started to buy. </li>
<li>He bought Friday and will try to get to 30%. He bought a chunk of that Friday. He's in today. There's more to buy. </li>
</ul>



BASE Inc (4477 JP) released a statement during the lunch break on 5 October 2026. 
It says, in short, that Maki-san, who was wary of SBI/management, had not bought during the Tender Offer Period, but once extended, started to buy. 
He bought Friday and will try to get to 30%. He bought a chunk of that Friday. He's in today. There's more to buy. 


[Japan Partial Tender] BASE (4477 JP) - Maki-San Bought, Will Buy More - Prepare For Launch

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> extended their tender on <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a> at ¥340 despite the tender having no minimum threshold. They obviously didn't get what they wanted. Not close.</li>
<li>That opened them up to expectations of a bump. For me, those expectations were the original base case but the stock didn't act that way. Partial tender situations are funny.</li>
<li>The next day, shares traded higher but still below ¥340. On Friday, things got more exciting. A successful tender needs to be higher (but SBI could attempt a backdoor trade).</li>
</ul>



SBI Holdings (8473 JP) extended their tender on BASE Inc (4477 JP) at ¥340 despite the tender having no minimum threshold. They obviously didn't get what they wanted. Not close.
That opened them up to expectations of a bump. For me, those expectations were the original base case but the stock didn't act that way. Partial tender situations are funny.
The next day, shares traded higher but still below ¥340. On Friday, things got more exciting. A successful tender needs to be higher (but SBI could attempt a backdoor trade).


[Japan Partial Tender] BASE (4477 JP) - We Needed Bumpity We Got Bumpitrage So What Now?

<ul>
<li>When <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> announced at end-August they were tendering to buy 20% of <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a>, they set a short tender (20d) and zero minimum threshold.  </li>
<li>That was a VERY easy target, but I thought they would need to raise the price to get the shares they wanted. The market didn't seem to agree. </li>
<li>But SBI just extended the tender. And not because it didn't meet the minimum. Bumpity bumpity bumpity.</li>
</ul>


When SBI Holdings (8473 JP) announced at end-August they were tendering to buy 20% of BASE Inc (4477 JP), they set a short tender (20d) and zero minimum threshold.  
That was a VERY easy target, but I thought they would need to raise the price to get the shares they wanted. The market didn't seem to agree. 
But SBI just extended the tender. And not because it didn't meet the minimum. Bumpity bumpity bumpity.


[Japan Partial Tender] BASE (4477 JP) - SBI Extends on Zero Minimum. Bumpity Bumpity Bumpity

<ul>
<li>When SBI launched its partial tender for 20% of <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a> at the end of last month, they wanted to buy ~42.5% of the Max Real World Float.</li>
<li>That was at ¥340, a small premium to where the stock was trading, and a 17% discount to where another partial tender last year got only 7-8% of MRWF.</li>
<li>I think the dynamic here favours being long. Pro-ration expectations are misplaced I think.</li>
</ul>


When SBI launched its partial tender for 20% of BASE Inc (4477 JP) at the end of last month, they wanted to buy ~42.5% of the Max Real World Float.
That was at ¥340, a small premium to where the stock was trading, and a 17% discount to where another partial tender last year got only 7-8% of MRWF.
I think the dynamic here favours being long. Pro-ration expectations are misplaced I think.


[Japan Partial Tender] BASE (4477 JP) Deal Update - Trading VERY Cheap

Insights on Partial Offer/Partial Tender Offers

Partial Offer / Partial Tender Offer
Insights on Partial Offer/Partial Tender Offers

[Japan Partial Tender] Maki-San Threatens BASE (4477 JP) Tender - Financial Engineering Risk Rises

Maki-san has raised the possibility of a Tender Offer - a known-known because he previously stated he wanted 30+% and the new TOB rules require it....

Travis Lundy

[Japan Partial Tender] BASE (4477 JP) - Maki-San Bought, Will Buy More - Prepare For Launch

Maki-san was the buyer Friday and he will buy more. He disagrees with management and wants to get to "above 30%" which means he has probably ~6-7mm...

Travis Lundy

[Japan Partial Tender] BASE (4477 JP) - We Needed Bumpity We Got Bumpitrage So What Now?

Two days after SBI extended its tender, Somebody decided to target BASE for bumpitrage. It looks like SBI needs to raise now, and not a small...

Travis Lundy

[Japan Partial Tender] BASE (4477 JP) - SBI Extends on Zero Minimum. Bumpity Bumpity Bumpity

SBI just extended their tender offer for BASE by 10 days. They didn't get enough shares to their satisfaction despite a zero share minimum. This...

Travis Lundy

[Japan Partial Tender] BASE (4477 JP) Deal Update - Trading VERY Cheap

BASE (4477) is trading too cheaply. There is no minimum. 100% pro-ration means up to 43% participation by Max Real World Float vs last year's 7-8%...

Travis Lundy