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

Fuji Soft (9749) - Possible Issues with New KKR Amended Terms

Fuji Soft (9749 JP) - Bain Bids More, The Market Goes Even Higher

Fuji Soft (9749) - KKR Launches Early to Stymy Bain Who Has a Founding Family Tailwind

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, KKR amended its plans to take over <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a> by creating a Two-Tender Scheme, effectively lowering the threshold for eventual success through clearly coercive tactics.</li>
<li>3D (23.46%) and Farallon (9.22%) had already tendered. Contractual terms make it difficult (not impossible) to withdraw. Assuming it goes through, KKR has 32.68%, quasi-negative control. </li>
<li>This revised structure is clearly abusive of minorities and NOT the deal Fuji Soft signed. This <em>should</em> cause Fuji Soft to Change their Opinion. Shareholder (and Bain) Pressure would help.</li>
</ul>


Yesterday, KKR amended its plans to take over Fuji Soft Inc (9749 JP) by creating a Two-Tender Scheme, effectively lowering the threshold for eventual success through clearly coercive tactics.
3D (23.46%) and Farallon (9.22%) had already tendered. Contractual terms make it difficult (not impossible) to withdraw. Assuming it goes through, KKR has 32.68%, quasi-negative control. 
This revised structure is clearly abusive of minorities and NOT the deal Fuji Soft signed. This should cause Fuji Soft to Change their Opinion. Shareholder (and Bain) Pressure would help.


Fuji Soft (9749) - As Bain Prepares to Go Higher, KKR Goes Lower