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+DG Up Kakaku.com (2371 JP) Bid by 3.478261% to ¥3570; Bain Needs To Bump, Again

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

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

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

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

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

Quiddity Advisors

Event-Driven

<ul>
<li>In the latest salvo, Bain+LY have come back with a counter to the last overbid by EQT+DG at ¥3,450. That bid needed a bump because ¥3,500 was &lt;2% higher.</li>
<li>Bain+LY have bid ¥3,520 standalone and ¥3,640 with KDDI agreement. I expect this is enough to get Kakaku's support if EQT don't match.</li>
<li>The market had priced this outcome PLUS another overbid. I wouldn't be surprised to see two more but we're closer to the end than the beginning.</li>
</ul>


In the latest salvo, Bain+LY have come back with a counter to the last overbid by EQT+DG at ¥3,450. That bid needed a bump because ¥3,500 was &lt;2% higher.
Bain+LY have bid ¥3,520 standalone and ¥3,640 with KDDI agreement. I expect this is enough to get Kakaku's support if EQT don't match.
The market had priced this outcome PLUS another overbid. I wouldn't be surprised to see two more but we're closer to the end than the beginning.


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

Kakaku.com Inc

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