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

[Japan M&A] Taiyo Holdings (4626 JP) - A Last Gasp of Likely Fruitless Optionality Remains

[Japan Activism/M&A] Taiyo Holdings (4626) Now an MBO Target? KKR and One More Bidding

Quiddity Advisors

Event-Driven

<ul>
<li>On 31 March 2026, KKR and <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a> agreed on a takeover speculated since last year. Price is ¥4,750/share. Up 300% in 3yrs, up 50+% from last May.</li>
<li>But it is down 20% from recent highs. This will have disappointed some but they have 42% in the bag and with crossholders, it's more like 57%. </li>
<li>Given the sector, and market share in some sub-segments, I would expect the possibility the approval gets delayed a bit past the scheduled start date.</li>
</ul>


On 31 March 2026, KKR and Taiyo Holdings (4626 JP) agreed on a takeover speculated since last year. Price is ¥4,750/share. Up 300% in 3yrs, up 50+% from last May.
But it is down 20% from recent highs. This will have disappointed some but they have 42% in the bag and with crossholders, it's more like 57%. 
Given the sector, and market share in some sub-segments, I would expect the possibility the approval gets delayed a bit past the scheduled start date.


[Japan Activism/M&A] Taiyo Holdings (4626) Takeunder But +60% From 9mos Ago