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

Paris Miki (7455 JP) - Corrected Vision - Is This A Setup For an MBO?

Luxottica Buys Washin Optical, Paris Miki Next?

Quiddity Advisors

Event-Driven

<ul>
<li>Today after the close, <a href="https://www.smartkarma.com/entities/paris-miki-holdings-inc" target="_blank" data-smartkarma-citation="entities:15251:1" rel="noopener">Paris Miki Holdings (7455 JP)</a> announced the Tane family Holdco would buy out the company in an "MBO" at ¥581, or 4.8x current year EBITDA. </li>
<li>World famous eyeglass/sunglass manufacturer Luxottica bought 13.8% of the company in the low ¥300s almost stopping about a year ago. They might complain, but Paris Miki is a big outlet.</li>
<li>This looks like it gets done. The family+crossholders+ESOP+warrants have 65% of the expanded share count. Those who would complain would need to do so soon, and loudly.</li>
</ul>


Today after the close, Paris Miki Holdings (7455 JP) announced the Tane family Holdco would buy out the company in an "MBO" at ¥581, or 4.8x current year EBITDA. 
World famous eyeglass/sunglass manufacturer Luxottica bought 13.8% of the company in the low ¥300s almost stopping about a year ago. They might complain, but Paris Miki is a big outlet.
This looks like it gets done. The family+crossholders+ESOP+warrants have 65% of the expanded share count. Those who would complain would need to do so soon, and loudly.


[Japan M&A] Paris Miki Is Indeed an MBO Target; Luxottica May Complain But Tough To Block