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] Minebea Forces a Game of Regulatory Chicken on Shibaura (6957 JP)

US Banks - Accelerating Weekly YoY Loan Growth at +$77bn into 3Q25 Vs Minus $1bn into 3Q24

[Japan M&A] YAGEO Extends Shibaura TOB Limbo at FSA/METI/BOJ Request on FEFTA

[Japan M&A] YAGEO Overbids Minebea's Overbid of YAGEO's Overbid of Minebea's Overbid - The Endgame

[Japan M&A] Shibaura in Limbo - "Neutral" On Minebea And "Reserves Opinion" On YAGEO Bid, Waiting...

Quiddity Advisors

Event-Driven

<ul>
<li>After three months of NOT matching YAGEO's bid for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a> at ¥6,w00 as YAGEO's proposal continues its long plod through FEFTA review, Minebea-Mitsumi has now matched ¥6,200.</li>
<li>Key is that their bid closes before the indicative deadline for YAGEO to receive word on FEFTA approval. They are hoping this bid mollifies the irrevocables and everyone else. </li>
<li>But if YAGEO cares, it could bump to ¥6,300 tomorrow and extend its tender offer which closes on Monday. But the put option is now struck higher, which de-risks this.</li>
</ul>


After three months of NOT matching YAGEO's bid for Shibaura Electronics (6957 JP) at ¥6,w00 as YAGEO's proposal continues its long plod through FEFTA review, Minebea-Mitsumi has now matched ¥6,200.
Key is that their bid closes before the indicative deadline for YAGEO to receive word on FEFTA approval. They are hoping this bid mollifies the irrevocables and everyone else. 
But if YAGEO cares, it could bump to ¥6,300 tomorrow and extend its tender offer which closes on Monday. But the put option is now struck higher, which de-risks this.


[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout