Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

HK Type 4 license through Ballingal Investment Advisors Ltd. ("BIA" or "BIAL")

BACKGROUND
I have 20+yrs experience in Asia doing alternative strategies (i.e. non-delta1 non long-only) in fixed income, equity derivatives, and activist/catalyst/event-driven and long-short equity strategies with most of that time spent managing money. 

4 years in fixed income macro, 8 years running internal hedge fund and 4yrs investment banking at Citi in Japan, 3 years running an Asia multi-strat portfolio at a hedge fund, 4+yrs as an independent special situations analyst.

Pan-Asia Catalysts/Events

Benesse (9783) - Through Terms But Maybe Not Enough To Threaten Bump as TOB Launch Approaches

Benesse (9783) MBO - ¥2600/Share Is Up 40+% But It Is Still the Wrong Price

Quiddity Advisors

Event-Driven

<ul>
<li>The "MBO" for Benesse traded through terms from the 6th day post-announcement onwards. 37% total traded since announcement, 20% since that 6th day. </li>
<li>The deal as announced 10 November was entirely too cheap. It was somewhat egregious if you look through the balance sheet. Plus there was a free museum on top.</li>
<li>But to no avail. There is no bump. There have been no activists peeping above the parapet (yet). It isn't impossible to block, but if nobody shows their face...</li>
</ul>


The "MBO" for Benesse traded through terms from the 6th day post-announcement onwards. 37% total traded since announcement, 20% since that 6th day. 
The deal as announced 10 November was entirely too cheap. It was somewhat egregious if you look through the balance sheet. Plus there was a free museum on top.
But to no avail. There is no bump. There have been no activists peeping above the parapet (yet). It isn't impossible to block, but if nobody shows their face...


Benesse (9783) - Tender Offer To Launch; No Change in Terms (¥2,600/Share)

Benesse Holdings

Benesse (9783) - Tender Offer To Launch; No Change in Terms (¥2,600/Share)