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

StubWorld: Stay Long Digital Garage (4819 JP)

[Japan Event] Digital Garage (4819) Is The Wrong Price

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

[Japan M&A] Likely Bain/LY Overbid for Kakaku.com - STILL Not a Done Deal

Quiddity Advisors

Event-Driven

<ul>
<li>Late night 1 July, <a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a> released a document showing their hand on the <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> TOB they proposed. It is astutely structured, in price and context.</li>
<li>It's complicated because it expects different possibilities with two headline numbers - ¥3,384/share if KDDI doesn't sign up, and ¥3,500/share if they do. That's a bit misleading.</li>
<li>They expect a Kakaku response within 4 weeks and a deal launch by end-Sep. The big question here is if EQT+DG stump up to match, or if they play hardball. </li>
</ul>


Late night 1 July, LY (4689 JP) released a document showing their hand on the Kakaku.com Inc (2371 JP) TOB they proposed. It is astutely structured, in price and context.
It's complicated because it expects different possibilities with two headline numbers - ¥3,384/share if KDDI doesn't sign up, and ¥3,500/share if they do. That's a bit misleading.
They expect a Kakaku response within 4 weeks and a deal launch by end-Sep. The big question here is if EQT+DG stump up to match, or if they play hardball. 


[Japan M&A] Bain/LY Show Their Cards on Kakaku.com (They're Good Cards Brent)