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] - KKR Launches Still-Too-Light Topcon (7732) Deal

Topcon (7732 JP) – KKR–JIC Take‑Private at ¥3,300/Share: Base Case Tender, Limited Bump Probability

Thinking About Topcon (7732) And the New METI-Enabled Bad Cop-Good Cop Routine

[Japan Activism] - KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share

Nidec (6594) Turns Vinegar to Wine as Takisawa Machine Tool (6121) Agrees To Takeover

Quiddity Advisors

Event-Driven

<ul>
<li>Last night, <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> announced that KKR had agreed a deal with ValueAct Capital who owns 14.62% of Topcon to have VAC tender shares and invest in Bidco.</li>
<li>Topcon's Special Committee saw nothing wrong with this in terms of fairness. I think that argument needs to be investigated at a broader level. </li>
<li>If Bidder wants 50.1% control and expects passive to agree, and Bidder gets 50.1% to join Bidco at terms, obviously, majority of minority disappears. This is an unintended loophole. </li>
</ul>


Last night, Topcon Corp (7732 JP) announced that KKR had agreed a deal with ValueAct Capital who owns 14.62% of Topcon to have VAC tender shares and invest in Bidco.
Topcon's Special Committee saw nothing wrong with this in terms of fairness. I think that argument needs to be investigated at a broader level. 
If Bidder wants 50.1% control and expects passive to agree, and Bidder gets 50.1% to join Bidco at terms, obviously, majority of minority disappears. This is an unintended loophole. 


[日本アクティビズム] - バリューアクト、KKRトプコン（7732）の株式公開買付けに合意し、買い手として参加