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

Tsuruha-Welcia: Will Scale Translate into Profit?

[Japan Activism/M&A] Thinking About the Partial Tender Trade Coming in Dec25

[Japan M&A] Possible Partial TSURUHA (3391 JP) Tender Changes - More Accretion! Smaller Tender?

[Japan Activism/M&A] - Closing In On the Tsuruha Partial Tender - Likely Needs To Be Higher

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a> had been planning to release a Medium Term Management Plan this month BUT stock prices are higher, goodwill effects changed, so they announced a "<a href="https://files.microcms-assets.io/assets/9cc6c4957a514b11b1d7cdc6bd2fec67/a6dd20c2f33441b4b5e595bb5e9f6293/20251201_vision_en.pdf" target="_blank" rel="noopener">Vision</a>" instead. </li>
<li>Today post-close, <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> announced its Partial Tender Offer on TSURUHA (<a href="https://www.aeon.info/wp-content/uploads/news/pdf/2025/12/251202R_1.pdf" target="_blank" rel="noopener">Japanese</a>) at ¥2,900/share. Slightly lower than hoped. Much better than before. </li>
<li>AEON obviously <em>really</em> did not want to bump, but they did, considering synergies and the desire to consummate the deal. The Tender Offer shrinks so minimum pro-ration is lower. </li>
</ul>



Tsuruha Holdings (3391 JP) had been planning to release a Medium Term Management Plan this month BUT stock prices are higher, goodwill effects changed, so they announced a "Vision" instead. 
Today post-close, Aeon Co Ltd (8267 JP) announced its Partial Tender Offer on TSURUHA (Japanese) at ¥2,900/share. Slightly lower than hoped. Much better than before. 
AEON obviously really did not want to bump, but they did, considering synergies and the desire to consummate the deal. The Tender Offer shrinks so minimum pro-ration is lower. 


[Japan Partial Tender] AEON (8267) Partial Offer for TSURUHA (3391) Announced at ¥2,900/Share