Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>This morning, <a href="https://www.smartkarma.com/entities/fuji-media-holdings-inc" target="_blank" data-smartkarma-citation="entities:3191:1" rel="noopener">Fuji Media Holdings (4676 JP)</a> bought back 61,213,800 shares (29.86% of TSO) in a ToSTNeT-3 buyback at ¥3,839 which was a tiny discount to end-Dec25 book value. </li>
<li>79mm shares were offered. Murakami+Dalton - the two major activists - owned 59mm shares. Another 20mm shares were offered in. That is an oddly large excess. Pro-ration ~76-77%.</li>
<li>That may leave activists with 10% of the new shares out. There's a lot of odd and interesting math to think about here. </li>
</ul>


This morning, Fuji Media Holdings (4676 JP) bought back 61,213,800 shares (29.86% of TSO) in a ToSTNeT-3 buyback at ¥3,839 which was a tiny discount to end-Dec25 book value. 
79mm shares were offered. Murakami+Dalton - the two major activists - owned 59mm shares. Another 20mm shares were offered in. That is an oddly large excess. Pro-ration ~76-77%.
That may leave activists with 10% of the new shares out. There's a lot of odd and interesting math to think about here. 


[Japan Activism?] Fuji Media (4676 JP) Buyback/Accretion Done, Now It's All About the Real Estate

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fuji-media-holdings-inc" target="_blank" data-smartkarma-citation="entities:3191:1" rel="noopener">Fuji Media Holdings (4676 JP)</a> ran into a scandal a year ago. It was scandalous before but it all got ugly a year ago. I discussed last year <a href="https://www.smartkarma.com/insights/japan-activism-the-upcoming-fuji-media-agm-stoush-foreigners-vs-voting-right-limits" target="_blank" rel="noopener">here</a>.</li>
<li>Last June, activist Dalton tried to spill the Board. It did not work. Incumbents and recommended got 81-86% support. Dalton's slate got 10-27%. No joy.</li>
<li>Activists are in big. Murakami at 17%. Dalton at 7+%. Last week, the Nikkei reported Dalton would push for a 10% of TSO buyback. Today, we got a bigger one.</li>
</ul>



Fuji Media Holdings (4676 JP) ran into a scandal a year ago. It was scandalous before but it all got ugly a year ago. I discussed last year here.
Last June, activist Dalton tried to spill the Board. It did not work. Incumbents and recommended got 81-86% support. Dalton's slate got 10-27%. No joy.
Activists are in big. Murakami at 17%. Dalton at 7+%. Last week, the Nikkei reported Dalton would push for a 10% of TSO buyback. Today, we got a bigger one.


[Japan Activism] Fuji Media (4676) Offers Activists a Possible Juicy Way Out

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul>
<li>Hale has finalized an $85 million acquisition of a Melbourne campus, the largest industrial deal of 2026.</li>
<li>Fuji Media Marketing in Japan is considering a property sale that could potentially reach $5 billion.</li>
<li>CapitaLand Investment has obtained a $1.9 billion mandate for income insurance in Singapore amid market changes.</li>
</ul>


Hale has finalized an $85 million acquisition of a Melbourne campus, the largest industrial deal of 2026.
Fuji Media Marketing in Japan is considering a property sale that could potentially reach $5 billion.
CapitaLand Investment has obtained a $1.9 billion mandate for income insurance in Singapore amid market changes.


Asia Real Estate Tracker (28-Apr-2026): Hale acquires $85M Melbourne campus in major deal.

David Blennerhassett

<ul>
<li>I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Four new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a>, <a href="https://www.smartkarma.com/entities/meteoric-resources-nl" target="_blank" data-smartkarma-citation="entities:1747:1" rel="noopener">Meteoric Resources Nl (MEI AU)</a>, <a href="https://www.smartkarma.com/entities/zheneng-jinjiang-environment-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:22847:1" rel="noopener">Zheneng Jinjiang Environment (ZJE SP)</a>, and <a href="https://www.smartkarma.com/entities/goodbaby-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:9467:1" rel="noopener">Goodbaby International (1086 HK)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a>, and <a href="https://www.smartkarma.com/entities/yinson-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3252:1" rel="noopener">Yinson Holdings (YNS MK)</a>.</li>
</ul>


I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Four new deal was discussed on Smartkarma this week: Northern Star Resources (NST AU), Meteoric Resources Nl (MEI AU), Zheneng Jinjiang Environment (ZJE SP), and Goodbaby International (1086 HK).
Key updates/news also took place on: Ingenia Communities (INA AU), oOh!Media Ltd (OML AU), Get Nice (64 HK), and Yinson Holdings (YNS MK).


Asia-Pac Weekly Wrap: Northern Star, Meteoric, Goodbaby, Ingenia, OOh!Media, Zheneng Jinjiang

<ul>
<li>We know that Bain knew that their mid-September overbid for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> did not meet the so-called KDDI Threshold, yet they made that bid anyway (¥3,720 vs EQT's ¥3,680).</li>
<li>IF <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> trades wide, consider going long the arb, but generally, need to participate unless it does trade wide. There're other more interesting deals out there.</li>
<li>Despite the lower-than-expected bid optics compared to prior negotiations, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc-class-a" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>'s Offer looks done. All ducks are lined up. Just a question of timing on regulatory approvals.</li>
</ul>


We know that Bain knew that their mid-September overbid for Kakaku.com Inc (2371 JP) did not meet the so-called KDDI Threshold, yet they made that bid anyway (¥3,720 vs EQT's ¥3,680).
IF Sankei Real Estate (2972 JP) trades wide, consider going long the arb, but generally, need to participate unless it does trade wide. There're other more interesting deals out there.
Despite the lower-than-expected bid optics compared to prior negotiations, ReNew Energy Global (RNW US)'s Offer looks done. All ducks are lined up. Just a question of timing on regulatory approvals.


Last Week In Event SPACE: Kakaku.com, Sankei Real Estate, ReNew Energy Global, Korea Aerospace Ind

Japan

FUJI MEDIA HOLDINGS, INC., a member of the Fuji-Sankei Group, produces and broadcasts a variety of television programs and sells commercial spots through a network system.  The Company is advancing into digital satellite broadcasting.

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Fuji Media Holdings (4676 JP)

[Japan Activism?] Fuji Media (4676 JP) Buyback/Accretion Done, Now It's All About the Real Estate

Fuji Media HD did a bigly buyback this AM - 30% of TSO. Now it is about selling the real estate and cross-holdings and fixing media. It's cheap...

Travis Lundy

[Japan Activism] Fuji Media (4676) Offers Activists a Possible Juicy Way Out

ToSTNeT-3 buyback announced. 61.214mm shs, ¥235bn. 5Feb 8:00-8:45AM JST. Murakami Group on 3 Feb "at the time" agreed to sell into "this...

Travis Lundy

Asia Real Estate Tracker (28-Apr-2026): Hale acquires $85M Melbourne campus in major deal.

Hale's $85M Melbourne campus acquisition leads APAC real estate in 2026, while Fuji Media considers a $5B sale, and CapitaLand secures a $1.9B...

Asia Real Estate Tracker

Asia-Pac Weekly Wrap: Northern Star, Meteoric, Goodbaby, Ingenia, OOh!Media, Zheneng Jinjiang

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: Kakaku.com, Sankei Real Estate, ReNew Energy Global, Korea Aerospace Ind

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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