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) - KKR Launches Early to Stymy Bain Who Has a Founding Family Tailwind

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

KKR ¥8,800 Takeover of Fuji Soft (9749) - Details and Arb Grid

[JAPAN ACTIVISM] KKR Reportedly Plans Takeover of Fuji Soft (9749) - Relief from Activist Pressure

Fuji Soft (9749) - Much Better Governance Process But The Stock Has Run Too Far

Quiddity Advisors

Event-Driven

<ul>
<li>The original Target Opinion Statement for KKR's bid at ¥8,800/share offered a glimpse at a non-binding, questionably feasible offer at a slightly higher price, which 3DIP might have rejected.</li>
<li>That was apparently Bain, and now we know Bain has consistently had the higher price. <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> handled this whole process badly, perhaps cowed by 3DIP.</li>
<li>Now the cat is amongst the pigeons. This is less hostile than it looks IMO. The market thinks it will be a bun fight. </li>
</ul>


The original Target Opinion Statement for KKR's bid at ¥8,800/share offered a glimpse at a non-binding, questionably feasible offer at a slightly higher price, which 3DIP might have rejected.
That was apparently Bain, and now we know Bain has consistently had the higher price. Fuji Soft Inc (9749 JP) handled this whole process badly, perhaps cowed by 3DIP.
Now the cat is amongst the pigeons. This is less hostile than it looks IMO. The market thinks it will be a bun fight. 


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