Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

I last wrote on the <a href="https://www.smartkarma.com/entities/20606" target="_blank" data-smartkarma-citation="entities:20606:1">Nisshin Steel (5413 JP)</a> - <a href="https://www.smartkarma.com/entities/961" target="_blank" data-smartkarma-citation="entities:961:1">Nippon Steel &amp; SumiMetals (5401 JP)</a>  breakeven price ratio dip after the close of July 7. That marked the near-term low point of the breakeven price and pro-ration hedged 5413/5401 price ratio. Insights in the Series To Date (in chronological order) are:<ul>
<li>
<a href="https://www.smartkarma.com/insights/nisshin-steel-imminent-tender-announcement-by-nippon-steel-part-i" target="_blank" data-smartkarma-citation="insights:3753">Nisshin Steel:  Imminent Tender Announcement by Nippon Steel? Part I</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/nisshin-steel-long-dated-tender-offer-with-arb-grid" target="_blank" data-smartkarma-citation="insights:3774">Nisshin Steel:  Long-Dated Tender Offer, with Arb Grid</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/nisshin-steel-partial-tender-grids-ii" target="_blank" data-smartkarma-citation="insights:4568">Nisshin Steel - Partial Tender (&amp; Grids) II</a> </li>
</ul><h2>The News</h2>After reporting…

I last wrote on the Nisshin Steel (5413 JP) - Nippon Steel &amp; SumiMetals (5401 JP)  breakeven price ratio dip after the close of July 7. That marked the near-term low point of the breakeven price and pro-ration hedged 5413/5401 price ratio. Insights in the Series To Date (in chronological order) are:

Nisshin Steel:  Imminent Tender Announcement by Nippon Steel? Part I 

Nisshin Steel:  Long-Dated Tender Offer, with Arb Grid 

Nisshin Steel - Partial Tender (&amp; Grids) II 
The NewsAfter reporting…

Nisshin Steel - Post-Deal "Back End" Cheap Again

On February 1, <a href="https://www.smartkarma.com/entities/20606" target="_blank" data-smartkarma-citation="entities:20606:1">Nisshin Steel Co Ltd</a> ("Nisshin") announced it had asked <a href="https://www.smartkarma.com/entities/961" target="_blank" data-smartkarma-citation="entities:961:1">Nippon Steel &amp; Sumitomo Metals</a> ("NSSM") to supply it with billet and asked it to negotiate an agreement to join forces whereby NSSM would take a stake in Nisshin amounting to 50-66% of Nisshin's shares outstanding. Nisshin's share price jumped and outperformed the sector. On May 13th, the two companies announced the format and structure of the acquisition of shares - a partial tender offer and a third party offering if the…

On February 1, Nisshin Steel Co Ltd ("Nisshin") announced it had asked Nippon Steel &amp; Sumitomo Metals ("NSSM") to supply it with billet and asked it to negotiate an agreement to join forces whereby NSSM would take a stake in Nisshin amounting to 50-66% of Nisshin's shares outstanding. Nisshin's share price jumped and outperformed the sector. On May 13th, the two companies announced the format and structure of the acquisition of shares - a partial tender offer and a third party offering if the…

Nisshin Steel - Partial Tender (& Grids) II

Japan

Kobe Steel, Ltd. is a steelmaker, as well as a supplier of aluminum and copper products.  The products include steel plates and steel rods.  The Company also operates other businesses such as welding consumables, urban infrastructure, plant engineering, and industrial & construction machinery.  Kobe Steel has operating offices in the US, Europe, and Asia.

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Kobe Steel Ltd (5406 JP)

Nisshin Steel - Post-Deal "Back End" Cheap Again

I last wrote on the Nisshin Steel (5413 JP) - Nippon Steel & SumiMetals (5401 JP) breakeven price ratio dip after the close of July 7. That...

Travis Lundy

Nisshin Steel - Partial Tender (& Grids) II

On February 1, Nisshin Steel Co Ltd ("Nisshin") announced it had asked Nippon Steel & Sumitomo Metals ("NSSM") to supply it with billet and...

Travis Lundy

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