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

TOPIX Inclusions: Who Is Ready (May 2025)

Baudroie (4413 JP) - Fast Growth, Prime Promotion, and TOPIX Inclusion

TOPIX Inclusions: Who Is Ready (Apr 2025)

Quiddity Advisors

Event-Driven

<ul>
<li>This morning, <a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a> and Bain Capital announced an MBO whereby the existing major executives and shareholders sell to Bain and then reinvest. </li>
<li>The deal is at a 1% premium to last. The Board recommends minorities tender. the fair value model the Board looked at is faulty. </li>
<li>But the execs/directors/optionholders/crossholders combination basically gets this deal past the two-thirds hurdle without anyone active tendering. If the GPIF tenders, it's done. Not a great example of improved Japanese governance. </li>
</ul>


This morning, Baudroie (4413 JP) and Bain Capital announced an MBO whereby the existing major executives and shareholders sell to Bain and then reinvest. 
The deal is at a 1% premium to last. The Board recommends minorities tender. the fair value model the Board looked at is faulty. 
But the execs/directors/optionholders/crossholders combination basically gets this deal past the two-thirds hurdle without anyone active tendering. If the GPIF tenders, it's done. Not a great example of improved Japanese governance. 


[Japan M&A] Baudroie (4413 JP) Board Decides a 1% Premium to Squeeze Out Minorities Is Good Enough