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] CVC/Family "Re-Nudge" Mandom (4917 JP) MBO Price from ¥2,600 to ¥3,105, Eclipsing KKR

[Japan Activism] Mandom (4917 JP) - Murakami at 20% and Mandom Offers A Sweet Poison Pill

[Japan M&A] KKR Officially Bids ¥3,100 for Mandom (4917), Tender May Start Late January

[Japan M&A] Nikkei Reports KKR Has Proposed an Overbid for Mandom (4917) At ¥2800+

[Japan Activism] Mandom (4917) Holders Get an Early Win as MBO Bidder CVC Bumps 29%

Quiddity Advisors

Event-Driven

<ul>
<li>Two weeks ago, KKR announced it had proposed a non-binding offer of ¥3,100/share for <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> responding to the company's auction after the Kalon MBO faltered last fall.</li>
<li>That likely spelled the end for the MBO at ¥2,520, but we had to wait for the end. CVC and the family have bumped to ¥2,600 and extended 9 days.</li>
<li>The company also lowered full-year forecasts sharply today. Perhaps Kalon is hoping this drives KKR off, but I rather expect this is just a last ditch effort.</li>
</ul>


Two weeks ago, KKR announced it had proposed a non-binding offer of ¥3,100/share for Mandom Corp (4917 JP) responding to the company's auction after the Kalon MBO faltered last fall.
That likely spelled the end for the MBO at ¥2,520, but we had to wait for the end. CVC and the family have bumped to ¥2,600 and extended 9 days.
The company also lowered full-year forecasts sharply today. Perhaps Kalon is hoping this drives KKR off, but I rather expect this is just a last ditch effort.


[Japan M&A] CVC/Family Nudge MBO Price To ¥2600 to Extend; KKR's ¥3100 Bid Awaits Board Support