Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shidax-corp" target="_blank" data-smartkarma-citation="entities:7754:1" rel="noopener">Shidax Corp (4837 JP)</a> is under offer for a partial tender by <a href="https://www.smartkarma.com/entities/oisix-ra-daichi-inc" target="_blank" data-smartkarma-citation="entities:10145:1" rel="noopener">Oisix ra daichi (3182 JP)</a>. Unison Capital is expected to tender their shares.  </li>
<li>Unison may not want to go against the board but a direct transfer (i.e. not tender offer) is still possible. </li>
<li>Some Independent Board Members have suggested the company buy Unison's shares back. This might work BUT the end game is still the same. </li>
</ul>



Shidax Corp (4837 JP) is under offer for a partial tender by Oisix ra daichi (3182 JP). Unison Capital is expected to tender their shares.  
Unison may not want to go against the board but a direct transfer (i.e. not tender offer) is still possible. 
Some Independent Board Members have suggested the company buy Unison's shares back. This might work BUT the end game is still the same. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/shidax-corp" target="_blank" data-smartkarma-citation="entities:7754:1" rel="noopener">Shidax Corp (4837 JP)</a> is a food service business in the midst of a so-far reasonably successful restructuring. The family had a partner in Unison and hoped to extend. </li>
<li>The founding family and Unison now have ~60% together, and they vote together. Unison wants out. The family wants <a href="https://www.smartkarma.com/entities/oisix-ra-daichi-inc" target="_blank" data-smartkarma-citation="entities:10145:1" rel="noopener">Oisix ra daichi (3182 JP)</a> in. So Oisix has tendered.</li>
<li>But SHiDAX sees the conflict and minorities getting hosed. So they object. The "easy" solution is a full MBO with Oisix support. </li>
</ul>



Shidax Corp (4837 JP) is a food service business in the midst of a so-far reasonably successful restructuring. The family had a partner in Unison and hoped to extend. 
The founding family and Unison now have ~60% together, and they vote together. Unison wants out. The family wants Oisix ra daichi (3182 JP) in. So Oisix has tendered.
But SHiDAX sees the conflict and minorities getting hosed. So they object. The "easy" solution is a full MBO with Oisix support. 


Oisix-Shida Stoush with SHiDAX Suggests Strong but Subtle Strategy

Japan

SHiDAX CORPORATION, through its subsidiaries, provides food catering services and operates restaurants.  The Company's subsidiaries provide their services to companies, hospitals, and schools.

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Shidax Corp (4837 JP)

SHiDAX Board-Oisix-Shida Family Scrap

Some independent board members want the Shida family to accept that the company would buy back Unison's shares. This makes some sense if Unison...

Travis Lundy

Oisix-Shida Stoush with SHiDAX Suggests Strong but Subtle Strategy

SHiDax' founders wants Oisix to buy Unison's stake. SHiDAX thinks there is a conflict with minorities. There is. Unison has asked SHiDAX board...

Travis Lundy

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