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

Aeon Consolidates Through Fuji and Steps up Discounting Via Can Do

3Coins Proves a Hit in Pandemic and Moves into Food

Japanese Households Focus on Price as Inflation Fears Spike

Quiddity Advisors

Event-Driven

<p><a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> has reached a deal with the majority owners of <a href="https://www.smartkarma.com/entities/can-do-co-ltd" target="_blank" data-smartkarma-citation="entities:6879:1" rel="noopener">Can Do Co Ltd (2698 JP)</a> to buy a majority stake in the company through two separate tender offers at two different prices. </p><p>Can Do Co finds new store acquisition to be very challenging and is experiencing a rise in procurement costs. Under these circumstances, by becoming a consolidated subsidiary of Aeon, they believe better utilisation of scale and management resources could help the company survive in this competitive environment. </p><p>The first tender offer can be thought of as an Unconditional Partial Offer at ¥2,700/share. The second as a full tender offer at ¥2,300/share.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/235/449/original/Screenshot+2021-10-16+at+12.17.16+PM.png?1634361665" class="editor-image img-responsive" data-smartkarma-image-id="235449"></figure><p>The details of the deal are interesting, and have unusual implications for the event itself and for the situation post-tender. </p></section>

Aeon Co Ltd (8267 JP) has reached a deal with the majority owners of Can Do Co Ltd (2698 JP) to buy a majority stake in the company through two separate tender offers at two different prices. Can Do Co finds new store acquisition to be very challenging and is experiencing a rise in procurement costs. Under these circumstances, by becoming a consolidated subsidiary of Aeon, they believe better utilisation of scale and management resources could help the company survive in this competitive environment. The first tender offer can be thought of as an Unconditional Partial Offer at ¥2,700/share. The second as a full tender offer at ¥2,300/share.The details of the deal are interesting, and have unusual implications for the event itself and for the situation post-tender. 

Can Do (2698 JP) Does... The Funky Two Step Tender