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

StubWorld: The Maths For A MUCH Higher Bid For Toyota Inds (6201 JP) Remains Compelling

[Japan M&A/Activism] Toyota RE Deal for Toyota Inds (6201) Part II: Trading Through, Buns at Dawn

[Japan M&A/Activism] Toyota RE Says No Bump for Toyota Inds (6201) Part III - Elliott Makes Its Case

[Japan M&A] Toyota Inds (6201) - Process ALWAYS Bad, Price Bad To Worse; Easily Worth ¥20k+

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

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

Quiddity Advisors

Event-Driven

<ul>
<li>~9 months ago as Japan reeled from Trump's Tariff Tantrum, Toyota Group announced a potential takeover of <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>. In June, we got a process+price. Non-transparent. Opportunistic. Unfair. </li>
<li>They valued the transaction in one way, then announced a transaction structure which immediately changes the entire asset base of the company, and creates huge excess value for the buyers.</li>
<li>Process is bad. Analysis bad. The Special Committee and Board decisions bad. Sub-1x BVPS. Transaction structure immediately offers an additional 10+% to BVPS in cash to the buyers. It's offensive.</li>
</ul>


~9 months ago as Japan reeled from Trump's Tariff Tantrum, Toyota Group announced a potential takeover of Toyota Industries (6201 JP). In June, we got a process+price. Non-transparent. Opportunistic. Unfair. 
They valued the transaction in one way, then announced a transaction structure which immediately changes the entire asset base of the company, and creates huge excess value for the buyers.
Process is bad. Analysis bad. The Special Committee and Board decisions bad. Sub-1x BVPS. Transaction structure immediately offers an additional 10+% to BVPS in cash to the buyers. It's offensive.


[Japan M&A] Toyota RE Deal for Toyota Inds (6201) Part I; Offensive Process, Light Deal, Bun Fight?