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] YAGEO Overbids Minebea's Overbid of YAGEO's Overbid of Minebea's Overbid - The Endgame

[Japan M&A] Shibaura in Limbo - "Neutral" On Minebea And "Reserves Opinion" On YAGEO Bid, Waiting...

[Japan M&A] YAGEO Extends Shibaura TOB Limbo at FSA/METI/BOJ Request on FEFTA

Minebea Mitsumi Overbids Yageo for Shibaura Electronics (6957)

Yageo Bigly Overbids Minebea (+20%) For Shibaura Elec (6957) At ¥5400

YAGEO and Shibaura Still Fighting, Minebea Likely to Bid Up, The Question Is Another YAGEO Overbid

Quiddity Advisors

Event-Driven

<ul>
<li>A Nikkei article today suggested <a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a> would overbid Yageo's dramatic 20% overbid of Minebea's early ¥4,500 overbid of Yageo's initial ¥4,300 bid for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>. </li>
<li>Now the news is out. MinebeaMitsumi has bid ¥5,500. Shibaura Electronics has endorsed. This is bang-in-line with the expected path. The question is now YAGEO's overbid, expected 7 May.</li>
<li>If I were YAGEO, I would wait for Shibaura's earnings a couple of days later, then overbid by ¥100-150 and go for 35 days. There's optionality there.</li>
</ul>


A Nikkei article today suggested Minebea Mitsumi (6479 JP) would overbid Yageo's dramatic 20% overbid of Minebea's early ¥4,500 overbid of Yageo's initial ¥4,300 bid for Shibaura Electronics (6957 JP). 
Now the news is out. MinebeaMitsumi has bid ¥5,500. Shibaura Electronics has endorsed. This is bang-in-line with the expected path. The question is now YAGEO's overbid, expected 7 May.
If I were YAGEO, I would wait for Shibaura's earnings a couple of days later, then overbid by ¥100-150 and go for 35 days. There's optionality there.


Shibaura Elec (6957) - Minebea Overbids Yageo's Overbid of Minebea's Overbid of Yageo - ¥5,500