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

Kakaku.com (2371 JP) Tactical Outlook Ahead of Bain/LY Counter-Offer: Pop or Drop?

[Japan M&A] Bain/LY Show Their Cards on Kakaku.com (They're Good Cards Brent)

[Japan Event] Digital Garage (4819) Is The Wrong Price

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

Quiddity Advisors

Event-Driven

<ul>
<li>On 12 May, EQT launched an LBO 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> with the agreement of two large holders. With 38% in the bag, EQT wanted another 17.5% at ¥3,000.</li>
<li>
<a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> (20.5%) and KDDI (~17.55%) agreed to sell later (¥2,439). The bidder figured passive funds would vote with management post-deal. DG would reinvest in the back end.</li>
<li>Bain and LY Corp announced a possible overbid at ¥3,232 without due dili. Then they got due dili. Media articles suggest Bain/LY have put forth a legally binding bid.</li>
</ul>


On 12 May, EQT launched an LBO for Kakaku.com Inc (2371 JP) with the agreement of two large holders. With 38% in the bag, EQT wanted another 17.5% at ¥3,000.

Digital Garage (4819 JP) (20.5%) and KDDI (~17.55%) agreed to sell later (¥2,439). The bidder figured passive funds would vote with management post-deal. DG would reinvest in the back end.
Bain and LY Corp announced a possible overbid at ¥3,232 without due dili. Then they got due dili. Media articles suggest Bain/LY have put forth a legally binding bid.


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