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] Yutaka Giken (7229 JP) TOB - Possibly the Most Offensively Low TOB Price I've Ever Seen

Quiddity Advisors

Event-Driven

<ul>
<li>Honday is selling their ¥69.7% stake to its Indian partner Motherson Sumi in the most offensively low-priced/bad governance takeover I have ever seen. </li>
<li>Motherson Sumi are paying ¥28.77bn (¥3,024/share to minorities, ¥1,470 to Honda) to buy a company with ¥45.3bn of net cash (no debt), whose worst EBITDA in 10yrs is ¥12.1bn. </li>
<li>The other ¥42bn of net assets which produce that ¥12.1-20bn of EBITDA are, well, being sold for free. </li>
</ul>


Honday is selling their ¥69.7% stake to its Indian partner Motherson Sumi in the most offensively low-priced/bad governance takeover I have ever seen. 
Motherson Sumi are paying ¥28.77bn (¥3,024/share to minorities, ¥1,470 to Honda) to buy a company with ¥45.3bn of net cash (no debt), whose worst EBITDA in 10yrs is ¥12.1bn. 
The other ¥42bn of net assets which produce that ¥12.1-20bn of EBITDA are, well, being sold for free. 


Samvardhana Motherson International (MOTHERSO IN)

[Japan M&A] - Honda Sells Yutaka Giken to Partner in Most Offensive TOB I've Ever Seen