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

Digital Garage (4819 JP) Is Cheap As LY & EQT Jostle For Kakaku (2371 JP)'s Control

Digital Garage Is The Wrong Price As It (Reportedly) Dings LY's Tilt

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

Quiddity Advisors

Event-Driven

<ul>
<li>Just under 3 weeks ago, Reuters carried an article saying EQT was considering making a bid for <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>. The stock  popped, then drifted higher.  </li>
<li>Today, that bid was launched. Kakaku.com agreed, supports, and recommends at ¥3,000 which is about 10x Adjusted EV/EBITDA for March 2028. Not super rich with such high growth.</li>
<li>Digital Garage+KDDI own 38% between them. Oasis owns 19%. There are fiduciary out clauses and the docs note that Bain+LY Corp brought in a last minute bid. This isn't done.</li>
</ul>


Just under 3 weeks ago, Reuters carried an article saying EQT was considering making a bid for Kakaku.com Inc (2371 JP). The stock  popped, then drifted higher.  
Today, that bid was launched. Kakaku.com agreed, supports, and recommends at ¥3,000 which is about 10x Adjusted EV/EBITDA for March 2028. Not super rich with such high growth.
Digital Garage+KDDI own 38% between them. Oasis owns 19%. There are fiduciary out clauses and the docs note that Bain+LY Corp brought in a last minute bid. This isn't done.


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