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

Quiddity Advisors

Event-Driven

<ul>
<li>Today during market hours, the Nikkei released a headline saying <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> would buy out 52.5% sub <a href="https://www.smartkarma.com/entities/itochu-shokuhin-co-ltd" target="_blank" data-smartkarma-citation="entities:14985:1" rel="noopener">Itochu Shokuhin (2692 JP)</a> at a tiny premium.</li>
<li>Post-Close, it was confirmed. Tiny premium. Low multiple. Kind of insulting assumptions. But that is par for the course for an Itochu takeover of a subsidiary.</li>
<li>This gets done because Itochu + crossholders own 70%. Tough to see an activist effort because one can't join in the back end. </li>
</ul>


Today during market hours, the Nikkei released a headline saying Itochu Corp (8001 JP) would buy out 52.5% sub Itochu Shokuhin (2692 JP) at a tiny premium.
Post-Close, it was confirmed. Tiny premium. Low multiple. Kind of insulting assumptions. But that is par for the course for an Itochu takeover of a subsidiary.
This gets done because Itochu + crossholders own 70%. Tough to see an activist effort because one can't join in the back end. 


[Japan M&A] Itochu Buys Out Itochu Shokuhin (2692) Cheaply as Crossholders Get It Over The Line