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] TICO Closes Monday - The TOB Is Still WAY Wrong - TAPCO ¥20,600 Bid Gets Est. BVPS ¥25k+

[Quiddity Index] Post TICO (6201 JP) Tender Offer - The Index Flows, SMALLER than Theoretical

[Japan Partial Tender] Toyota's US$23bn Tender Buyback from TICO Is Potentially a Big Put Option

[Japan M&A/Activism] ToyotaRE-TICO (6201) Deal VI - Now 7% Thru at 1.0x BVPS... What Will Toyota Do?

[Japan M&A/Activism] Toyota Fudosan -TICO (6201) Deal VII - Risks, Risk Mgmt, and Cui Bono?

[Japan M&A/Activism] Toyota RE Deal for TICO (6201) Extended. VERY Few Minorities Have Tendered.

[Quiddity Index] Nikkei 225 Sep26 Rebal Preview II - 2 Auto ADDs, 1 Extra Likely, 1 Cap

Quiddity Advisors

Event-Driven

<ul>
<li>Today during market hours, Toyota Asset Preparatory Co (TAPCO) announced an amendment to its Tender Offer Registration Statement (for the <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> tender) on EDINET. TDNet confirmation followed. </li>
<li>TAPCO extends, and <em>plans to bump from ¥18,800 to ¥20,600, +1.5% vs last, assuming banks agree</em>. That's above 31Dec25 BVPS but below real-time BVPS, and far below Transaction Structure-adjusted BVPS.</li>
<li>I admit to being surprised. And disappointed. It's admittedly Big Bumpitrage but not a "watershed moment." TAPCO is buying TICO at &lt;0.8x book, and the Opco for &lt;0.15x book.</li>
</ul>


Today during market hours, Toyota Asset Preparatory Co (TAPCO) announced an amendment to its Tender Offer Registration Statement (for the Toyota Industries (6201 JP) tender) on EDINET. TDNet confirmation followed. 
TAPCO extends, and plans to bump from ¥18,800 to ¥20,600, +1.5% vs last, assuming banks agree. That's above 31Dec25 BVPS but below real-time BVPS, and far below Transaction Structure-adjusted BVPS.
I admit to being surprised. And disappointed. It's admittedly Big Bumpitrage but not a "watershed moment." TAPCO is buying TICO at &lt;0.8x book, and the Opco for &lt;0.15x book.


[Japan M&A] TAPCO-TICO (6201) Deal VIII - Toyota Group Bumps, Elliott Agrees, STILL the Wrong Price.