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 Nudge MBO Price To ¥2600 to Extend; KKR's ¥3100 Bid Awaits Board Support

[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+

Quiddity Advisors

Event-Driven

<ul>
<li>Almost two weeks ago, Kalon Holdings - the CVC+Nishimura Family entity bidding 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> in an MBO upped their ¥2,520 Bid to ¥2,600 against KKR's ¥3,100 Bid.</li>
<li>They said they might meet KKR's price. Today, at 9am JST, they met KKR's price and raised it by ¥5/share to ¥3,105. </li>
<li>The resulting Amended Target Opinion is a masterpiece of Board self-justification for going with the original MBO rather than with KKR. But it's an OK price. </li>
</ul>


Almost two weeks ago, Kalon Holdings - the CVC+Nishimura Family entity bidding for Mandom Corp (4917 JP) in an MBO upped their ¥2,520 Bid to ¥2,600 against KKR's ¥3,100 Bid.
They said they might meet KKR's price. Today, at 9am JST, they met KKR's price and raised it by ¥5/share to ¥3,105. 
The resulting Amended Target Opinion is a masterpiece of Board self-justification for going with the original MBO rather than with KKR. But it's an OK price. 


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