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 Electronics (6590 JP) – Takeover Battle: Minebea Certainty Vs. YAGEO Premium

[Japan M&A] YAGEO Says It Expects FDI Clearance on Shibaura - Minebea Likely To Fold

[Japan M&A] Minebea Matches YAGEO for Shibaura Elec (6957) At ¥6,200. Presses on Early Cashout

[Japan M&A] Minebea Forces a Game of Regulatory Chicken on Shibaura (6957 JP)

Quiddity Advisors

Event-Driven

<ul>
<li>On 14-Aug, <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> upped their TOB on <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> from ¥5,500 to ¥6,200, but set the close before rival bidder YAGEO's likely FEFTA approval date.</li>
<li>On 21-Aug, YAGEO responded by upping the bid 7% to ¥6,635. Minebea responded by saying no raise, no extension. Minebea was playing chicken. Shares fell Friday.</li>
<li>Very early Saturday, the Nikkei <a href="https://asia.nikkei.com/business/business-deals/taiwan-s-yageo-to-raise-bid-for-shibaura-to-15-above-rival-offer" target="_blank" rel="noopener">reported</a> YAGEO would raise to the "¥7,100 range." Reuters later <a href="https://www.reuters.com/world/asia-pacific/taiwans-yageo-raises-offer-price-japans-shibaura-7130-yenshare-further-outbid-2025-08-23/" target="_blank" rel="noopener">reported</a> YAGEO had raised to ¥7,130. Exactly 15% above Minebea. <strong><a href="https://www.yageo.com/en/PressRoom/Content/press_room?category=ir_pr&amp;news_id=20250823&amp;page=1" target="_blank" rel="noopener">On YAGEO's website</a></strong>.</li>
</ul>


On 14-Aug, Minebea Mitsumi (6479 JP) upped their TOB on Shibaura Electronics (6957 JP) from ¥5,500 to ¥6,200, but set the close before rival bidder YAGEO's likely FEFTA approval date.
On 21-Aug, YAGEO responded by upping the bid 7% to ¥6,635. Minebea responded by saying no raise, no extension. Minebea was playing chicken. Shares fell Friday.
Very early Saturday, the Nikkei reported YAGEO would raise to the "¥7,100 range." Reuters later reported YAGEO had raised to ¥7,130. Exactly 15% above Minebea. On YAGEO's website.


【日本M&amp;A】YAGEO、芝浦（6957 JP）を巡る🐓ゲームで賭け金を引き上げ

Shibaura Electronics

【日本M&amp;A】YAGEO、芝浦（6957 JP）を巡る🐓ゲームで賭け金を引き上げ

【日本M&A】YAGEO、芝浦（6957 JP）を巡る🐓ゲームで賭け金を引き上げ