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] Toyoda Gosei Buys Out Affiliate Ashimori Industry at 1.000x Mar25 Book

Toyota Group Cross-Holding Structure Primer - Holdings, Unwind Progress, Buyback Policies, Etc

Big Aisin (7259) Offering Sets Stage for First Toyota Group Full Unwind

Quiddity Advisors

Event-Driven

<ul>
<li>In August, <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a> announced a deal for <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a> at 1.000x book value after writedowns. That was not a coincidence.</li>
<li>The takeover is cheap for what it is. No synergies were counted. But it wasn't truly offensive. MURAKAMI Takateru aimed an activist broadside, bought 19.73% across four entities. Then stopped. </li>
<li>The Bidder lowered the Tender Offer Minimum from 2.3081mm shares (38.29%) to 1.8001mm shares (29.86%). Shares dropped. As of 24-Sep, 2,111,226 shares had been tendered. This looks done. Maybe. </li>
</ul>


In August, Toyoda Gosei (7282 JP) announced a deal for Ashimori Industry (3526 JP) at 1.000x book value after writedowns. That was not a coincidence.
The takeover is cheap for what it is. No synergies were counted. But it wasn't truly offensive. MURAKAMI Takateru aimed an activist broadside, bought 19.73% across four entities. Then stopped. 
The Bidder lowered the Tender Offer Minimum from 2.3081mm shares (38.29%) to 1.8001mm shares (29.86%). Shares dropped. As of 24-Sep, 2,111,226 shares had been tendered. This looks done. Maybe. 


[Japan M&A/Activism] Ashimori Industry (3526 JP) Minimum Lower, May Be a Tough Call