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] EQT Kicks The Can on Its Kakaku (2371JP ) UnderBid by a Whopping ¥1/Share Increase

[Japan M&A] EQT Bumps Kakaku Bid to ¥3,680 - Through Bain's Bid - Means Bain Bid Likely Soon

[Japan M&A] EQT Bump Response from Kakaku.com Gives Hope for More From Bain

[Japan M&A] EQT+DG Up Their Kakaku.com (2371 JP) TOB Price by 15% to ¥3450; Bain Needs To Bump

[Japan M&A] Kakaku Governance A Shining Example; Bain+LY and EQT+DG May Fight Longer

[Japan M&A] EQT+DG Up Kakaku.com (2371 JP) Bid by 3.478261% to ¥3570; Bain Needs To Bump, Again

[Japan M&A] Bain Overbids EQT by 2+% and 5.5+% Depending on KDDI Agreement. Market Wants More

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday after the close, <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> announced that Bain would not respond to EQT+DG/Kamgras1's bid bump to ¥3,570 which meant Bain's ¥3,640 was just 1.96% higher. </li>
<li>This means Bain will simply let EQT's current ¥3,570 bid close on 27 August. If the minimum threshold is met, EQT wins.  If not, presumably Bain will launch.</li>
<li>On 18 August, Oasis Management with 19.5% said it did not support a Tender Offer below ¥3,640/share. This, and the market price, may have emboldened Bain. What next?</li>
</ul>


On Friday after the close, Kakaku.com Inc (2371 JP) announced that Bain would not respond to EQT+DG/Kamgras1's bid bump to ¥3,570 which meant Bain's ¥3,640 was just 1.96% higher. 
This means Bain will simply let EQT's current ¥3,570 bid close on 27 August. If the minimum threshold is met, EQT wins.  If not, presumably Bain will launch.
On 18 August, Oasis Management with 19.5% said it did not support a Tender Offer below ¥3,640/share. This, and the market price, may have emboldened Bain. What next?


[Japan M&A] Bain Lets 5-Day Overbid Chance Lapse, Will Wait for EQT Tender To Finish