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

Hitachi Metals- Dressing Up For M&A With Mitsubishi Hitachi Tool Sale?

Hitachi Metals – Waupaca Sale Would Make Specialty Metals Segment More Saleable

Hitachi Hi-Tech : Largest Japan Squeezeout Ever?

Hitachi’s Probable Next Sell-Off: Hitachi High-Technologies

Hitachi High-Tech (8036 JP): Next in Line for Break-Up and Sale?

Showa Denko – Showa Me the Synergies…?

Quiddity Advisors

Event-Driven

Today after the close, after reporting Q3 earnings, <a href="https://www.smartkarma.com/entities/hitachi-ltd" target="_blank" data-smartkarma-citation="entities:7797:1" rel="noopener">Hitachi Ltd (6501 JP)</a> announced that it would launch a Tender Offer to take over the rest of <a href="https://www.smartkarma.com/entities/hitachi-high-technologies-co" target="_blank" data-smartkarma-citation="entities:7046:1" rel="noopener">Hitachi High Technologies Co (8036 JP)</a>. The idea that Hitachi High Technologies - a manufacturer of high-end electronic medical systems and semiconductor manufacturing equipment - was going to see its situation as majority-Hitachi-held listed subsidiary be "resolved" at some point in the near-ish future was reasonably well-expected since the article in the media almost a year ago which had noted that Hitachi was expected to deal with <a href="https://www.smartkarma.com/entities/hitachi-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:14457:1" rel="noopener">Hitachi Chemical (4217 JP)</a> also mentioned <a href="https://www.smartkarma.com/entities/hitachi-high-technologies-co" target="_blank" data-smartkarma-citation="entities:7046:1" rel="noopener">Hitachi High Technologies Co (8036 JP)</a>. Observers have noted the dearth of public/media discussion of Hitachi High Tech, and I expect most assumed it was simply a matter of time. It turns out it was.The price being offered is going to strike people as "low" as it is only a 1% premium to the close. It is a 68% premium to the close of June 7th 2019 which is when there was "speculative news" on the possible takeover. I see it more like 85-90% up from when speculation started.Four score times ten yen (¥8000) is perhaps a catchy number, but this is perhaps more complicated than at first glance.

Today after the close, after reporting Q3 earnings, Hitachi Ltd (6501 JP) announced that it would launch a Tender Offer to take over the rest of Hitachi High Technologies Co (8036 JP). The idea that Hitachi High Technologies - a manufacturer of high-end electronic medical systems and semiconductor manufacturing equipment - was going to see its situation as majority-Hitachi-held listed subsidiary be "resolved" at some point in the near-ish future was reasonably well-expected since the article in the media almost a year ago which had noted that Hitachi was expected to deal with Hitachi Chemical (4217 JP) also mentioned Hitachi High Technologies Co (8036 JP). Observers have noted the dearth of public/media discussion of Hitachi High Tech, and I expect most assumed it was simply a matter of time. It turns out it was.The price being offered is going to strike people as "low" as it is only a 1% premium to the close. It is a 68% premium to the close of June 7th 2019 which is when there was "speculative news" on the possible takeover. I see it more like 85-90% up from when speculation started.Four score times ten yen (¥8000) is perhaps a catchy number, but this is perhaps more complicated than at first glance.

日立による日立ハイテク（8036）のTOB - 価値重視か、不安定か、それとも脆弱か？