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

Quiddity Advisors

Event-Driven

<ul>
<li>Today (6 Nov) <a href="https://www.smartkarma.com/entities/scsk-corp" target="_blank" data-smartkarma-citation="entities:19996:1" rel="noopener">Scsk Corp (9719 JP)</a> and <a href="https://www.smartkarma.com/entities/net-one-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:1279:1" rel="noopener">Net One Systems (7518 JP)</a> that the former would launch a tender offer tomorrow to buy out the latter. </li>
<li>Unusually among recent takeovers, there is no large incumbent strategic or founding shareholder. This is pure corporate LBO. Synergies are obvious, but not counted. The multiple is low. </li>
<li>The pricing is a bit low, perhaps PE firms were not invited to compete. Or perhaps there's something else. Totally non-transparent. Simple deal... But it has issues. </li>
</ul>


Today (6 Nov) Scsk Corp (9719 JP) and Net One Systems (7518 JP) that the former would launch a tender offer tomorrow to buy out the latter. 
Unusually among recent takeovers, there is no large incumbent strategic or founding shareholder. This is pure corporate LBO. Synergies are obvious, but not counted. The multiple is low. 
The pricing is a bit low, perhaps PE firms were not invited to compete. Or perhaps there's something else. Totally non-transparent. Simple deal... But it has issues. 


SCSK Tender Offer for Independent Net One Systems (7518) - Potential Problems