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

Toyo Construction (1890) - Everyone Hits Pause

YFO Reloads Toyo Construction Takeover Proposal at ¥1255/Share

Toyo Construction (1890) Plans Governance Review, Promises Neutrality on a YFO TOB Proposal Decision

Quiddity Advisors

Event-Driven

<ul>
<li>In March 2022, Infroneer bid ¥770. The Board said "too low" but then accepted. A month later, YFO offered ¥1,000. Too high, bad owner, not accepted. </li>
<li>Summer 2023 after a year of palm to the face for YFO, the Board was partly spilled. YFO bid ¥1,255/share and the Board said the premium was too low. </li>
<li>Now, the Board has accepted a bid from Taisei at a roughly similar premium. But the price is ¥1,750/share. Infroneer and YFO have agreed to sell. Minorities win... -ish</li>
</ul>


In March 2022, Infroneer bid ¥770. The Board said "too low" but then accepted. A month later, YFO offered ¥1,000. Too high, bad owner, not accepted. 
Summer 2023 after a year of palm to the face for YFO, the Board was partly spilled. YFO bid ¥1,255/share and the Board said the premium was too low. 
Now, the Board has accepted a bid from Taisei at a roughly similar premium. But the price is ¥1,750/share. Infroneer and YFO have agreed to sell. Minorities win... -ish


[Japan M&A] Taisei Corp To Take Toyo Construction (1890 JP) Private - Governance Torture Ends