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] Pacific Industrial (7250) MBO Officially Being Done Dirt Cheap

US Banks - Weekly LLR Data Suggests Strong Credit Metrics, 3rd Week in Row of over +4% Loans

[Japan M&A] Pacific Industrial (7250) The MBO Is Extended After Effissimo Buys Above Terms

Quiddity Advisors

Event-Driven

<ul>
<li>Overnight, the Nikkei carried an <a href="https://asia.nikkei.com/Business/Automobiles/Toyota-supplier-Pacific-Industrial-to-go-private-with-750m-tender-offer" target="_blank" rel="noopener">article</a> saying Toyota valve supplier <a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a> would go private at a 40% premium in an MBO. </li>
<li>The implied price would match its ATH, but would remain far below book value, which is disappointing for a company with a very strong customer base and market share.</li>
<li>This is potentially blockable, but it would need to be activism from scratch I think. An activist or collection of them would need about 18-20% to block this deal.</li>
</ul>


Overnight, the Nikkei carried an article saying Toyota valve supplier Pacific Industrial (7250 JP) would go private at a 40% premium in an MBO. 
The implied price would match its ATH, but would remain far below book value, which is disappointing for a company with a very strong customer base and market share.
This is potentially blockable, but it would need to be activism from scratch I think. An activist or collection of them would need about 18-20% to block this deal.


[Japan M&A] Nikkei Reports Pacific Industrial (7250) To Go Private Via MBO at ¥110bn