Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 26 years of covering Asia Pacific equities, the past 20 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

StubWorld: Stay Long Digital Garage (4819 JP)

[Japan M&A] EQT Launches TOB on Kakaku.Com (2371) But This Isn't A Done Deal

Digital Garage (4819 JP) Is Cheap As LY & EQT Jostle For Kakaku (2371 JP)'s Control

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 12th May, <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a> recommended EQT's Offer at ¥3,000/share. On the 14th May, <a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a> submitted an initial bid at ¥3,232/share, contingent on due diligence.</li>
<li>The Nikkei flagged yesterday <a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a>, 20.68% shareholder of Kakaku, will not accept LY's bid for what appears spurious reasons. </li>
<li>Kakaku's share price is holding; whereas DG's are down 29% since the middle of last month. The discount to NAV has widened to 65%. The implied stub has cratered. </li>
</ul>


Back on the 12th May, Kakaku.com (2371 JP) recommended EQT's Offer at ¥3,000/share. On the 14th May, LY (4689 JP) submitted an initial bid at ¥3,232/share, contingent on due diligence.
The Nikkei flagged yesterday Digital Garage (4819 JP), 20.68% shareholder of Kakaku, will not accept LY's bid for what appears spurious reasons. 
Kakaku's share price is holding; whereas DG's are down 29% since the middle of last month. The discount to NAV has widened to 65%. The implied stub has cratered. 


Digital Garage Is The Wrong Price As It (Reportedly) Dings LY's Tilt