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

MEGA M&A! 7&I (3382 JP) Gets Non-Binding Bid from Alimentation Couche-Tard (ATD CN)

Updates on The Couche-Tard Deal for 7&I (3382 JP)

Artisan Partners Writes a Letter To the 7&I Board (3382) - Meh...

Couche-Tard Bid for 7&I (3382) - FEFTA and Economic Security

Quiddity Advisors

Event-Driven

<ul>
<li>Late last week, the Nikkei reported <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> would send a letter to Couche-Tard saying they reviewed ACT's Proposal and deemed it "inadequate." Indeed it was.</li>
<li>7&amp;i then <a href="https://www.7andi.com/library/dbps_data/_material_/localhost/en/release_pdf/2024_0906_ir01en.pdf" target="_blank" rel="noopener"><em>published</em></a> the Board's letter, saying 7&amp;i remained open to discussions but ACT's Offer "grossly undervalued" 7&amp;i's intrinsic value and lacked in other areas. ACT responded with a "letter."</li>
<li>But ACT's "letter" was a <a href="https://www.prnewswire.com/news-releases/alimentation-couche-tard-comments-on-seven--i-holdings-response-not-to-engage-in-friendly-discussions-regarding-a-value-creating-combination-302241320.html" target="_blank" rel="noopener">press release</a> aimed not at 7&amp;i but the public. 7&amp;i released a terse response today. ACT is the suitor. It needs to act like it.</li>
</ul>


Late last week, the Nikkei reported Seven &amp; I Holdings (3382 JP) would send a letter to Couche-Tard saying they reviewed ACT's Proposal and deemed it "inadequate." Indeed it was.
7&amp;i then published the Board's letter, saying 7&amp;i remained open to discussions but ACT's Offer "grossly undervalued" 7&amp;i's intrinsic value and lacked in other areas. ACT responded with a "letter."
But ACT's "letter" was a press release aimed not at 7&amp;i but the public. 7&amp;i released a terse response today. ACT is the suitor. It needs to act like it.


7&I Rejects ACT's Bid As Too Low, Not Worth Discussing, ACT Whines, 7&I Taps The Sign