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

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

[Japan M&A] YAGEO Overbids Minebea's Overbid of YAGEO's Overbid of Minebea's Overbid - The Endgame

Minebea Mitsumi Overbids Yageo for Shibaura Electronics (6957)

Taiwan's Yageo (2327 TT) Announces Hostile Tender on Shibaura Electronics (6957 JP) - I Have 🍿🍿

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

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> bid ¥4,300 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>. <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> overbid at ¥4,500. YAGEO <a href="https://contents.xj-storage.jp/xcontents/AS02620/dfcef47d/8a72/4ce5/b37d/c25033522728/20250418092946788s.pdf" target="_blank" rel="noopener">overbid</a> Minebea at ¥5,400 on 17 April (expected to start 7-May)</li>
<li>Apparently, YAGEO was a bit upset by the public comments by Shibaura regarding custom/mass-market/online different ways of doing business. YAGEO <a href="https://www.yageo.com/upload/media/investor/Press_Room/files/Shibaura0421/YAGEO%20Public%20Letter%2020250421_English.pdf" target="_blank" rel="noopener">responded</a> with receipts. Shibaura will respond later.</li>
<li>On the 22nd, Minebea noted they would delay their intended 23rd start date. Now they have more irrevocables. In the end, I expect YAGEO's, not Minebea's, top price defines this.</li>
</ul>



Yageo Corporation (2327 TT) bid ¥4,300 for Shibaura Electronics (6957 JP). Minebea Mitsumi (6479 JP) overbid at ¥4,500. YAGEO overbid Minebea at ¥5,400 on 17 April (expected to start 7-May)
Apparently, YAGEO was a bit upset by the public comments by Shibaura regarding custom/mass-market/online different ways of doing business. YAGEO responded with receipts. Shibaura will respond later.
On the 22nd, Minebea noted they would delay their intended 23rd start date. Now they have more irrevocables. In the end, I expect YAGEO's, not Minebea's, top price defines this.


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