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

Ferrovial's All-Cash A$1.35 Takeover Offer for Broadspectrum Could Appeal This Time Around

Ferrovial & Broadspectrum: Mattresses Still In Place

Broadspectrum Peaks Head Out from Behind Mattress. Shoots. Ducks Again.

Event-Driven

Yesterday morning <a href="https://www.smartkarma.com/entities/21031" target="_blank" data-smartkarma-citation="entities:21031">Ferrovial SA</a> announced a hostile takeover of <a href="https://www.smartkarma.com/entities/5" target="_blank" data-smartkarma-citation="entities:5">Broadspectrum Ltd</a>  (the newly re-named Transfield Services) at $1.35/share. This is a 59% premium to the previous day's close and a 34% premium to the 3-month average. The two main conditions are 50.01% acceptance and FIRB approval. The 50.01% condition may be waived. The Bidder's Statement has been filed with ASIC and I expect with FIRB. There's history here and it isn't that pretty. Ferrovial tried this deal last year at A$1.95-2.00 contingent on due diligence and Transfield shut them down. The stock fell by more than half to recent trading levels. This time Ferrovial is taking the deal directly to shareholders. It won't be pretty going forward either.Expect both sides to go to the mattresses. Much more below the fold.

 Yesterday morning Ferrovial SA announced a hostile takeover of Broadspectrum Ltd  (the newly re-named Transfield Services) at $1.35/share. This is a 59% premium to the previous day's close and a 34% premium to the 3-month average. The two main conditions are 50.01% acceptance and FIRB approval. The 50.01% condition may be waived. The Bidder's Statement has been filed with ASIC and I expect with FIRB. There's history here and it isn't that pretty. Ferrovial tried this deal last year at A$1.95-2.00 contingent on due diligence and Transfield shut them down. The stock fell by more than half to recent trading levels. This time Ferrovial is taking the deal directly to shareholders. It won't be pretty going forward either.Expect both sides to go to the mattresses. Much more below the fold.

Ferrovial & Broadspectrum: Going To The Mattresses