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>On Friday 1 August, <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a> and subsidiary <a href="https://www.smartkarma.com/entities/krosaki-harima-corp" target="_blank" data-smartkarma-citation="entities:18889:1" rel="noopener">Krosaki Harima (5352 JP)</a> announced the parent would buy out the sub at ¥4,200/share. </li>
<li>This seems light given the structure of the balance sheet (lots of net receivables - a bunch against the buyer) but it would be awfully tough to see this broken.</li>
<li>As it is a long-dated deal, I expect it trades too tight early on, then may flatten or fade.</li>
</ul>


On Friday 1 August, Nippon Steel Corporation (5401 JP) and subsidiary Krosaki Harima (5352 JP) announced the parent would buy out the sub at ¥4,200/share. 
This seems light given the structure of the balance sheet (lots of net receivables - a bunch against the buyer) but it would be awfully tough to see this broken.
As it is a long-dated deal, I expect it trades too tight early on, then may flatten or fade.


[Japan M&A] Krosaki Harima (5352) Takeout by Parent Nippon Steel - Cheapish But Done