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

Toyota Motor (7203 JP) Outlook Amid Uncertainty Over Toyota Industries Privatization Bid

[Japan M&A] Hino & Mitsubishi-Fuso Truck to Join; Bagholding Ugly for Minorities, and a Re-IPO

Toyota Motor (7203 JP) Tactical Outlook: Uncertainty Persists, But Rebound Likely

Toyota Industries (6201) - SURPRISE! It's a TOYODA Takeover Proposal (Good Governance May Not Win)

Toyota Industries (6201) - Thinking About How To Value a ¥6trln Bid

[Japan M&A/Activism] Toyota Industries (6201) Deal Could Be Announced Near-Term

Quiddity Advisors

Event-Driven

<ul>
<li>2wks ago I said "<a href="https://www.smartkarma.com/insights/japan-m-a-activism-toyota-industries-6201-deal-could-be-announced-near-term" target="_blank" rel="noopener">a deal could be announced near-term.</a>" 2wks later we have a deal. But it is a bad deal for TICO minorities. Low price. Minimal transparency. Awful. </li>
<li>But if you dig through deal structure and economics, it is worse than it looks. It takes digging to understand how bad, and they could tell you, but they won't. </li>
<li>The deal will take time. Things will be in limbo til then. And Toyota Group governance and capital allocation is conditional on this deal getting done, which is also bad.</li>
</ul>


2wks ago I said "a deal could be announced near-term." 2wks later we have a deal. But it is a bad deal for TICO minorities. Low price. Minimal transparency. Awful. 
But if you dig through deal structure and economics, it is worse than it looks. It takes digging to understand how bad, and they could tell you, but they won't. 
The deal will take time. Things will be in limbo til then. And Toyota Group governance and capital allocation is conditional on this deal getting done, which is also bad.


[Japan M&A] Toyota Inds (6201) Proposed Takeover - It Looks Bad, and It's Worse Than It Looks