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

Nikkei: MUFG To Launch TOB on WealthNavi (7342)

WealthNavi – Better for the Long-Term and a Bit Expensive Looking

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener"></a>MUFG (8306) bought 15.5% of <a href="https://www.smartkarma.com/entities/wealthnavi-inc" target="_blank" data-smartkarma-citation="entities:31058:1" rel="noopener">WealthNavi (7342 JP)</a> in February at ¥1,718/share - zero premium. The shares fell. Now they are bidding for the rest 13.5% higher.</li>
<li>WealthNavi forecasts fantastic growth. Dec29 OP is <em>specifically estimated</em> at ¥13.822bn. Everyone agrees there are synergies, but they're not "valued" because they <em>"cannot be specifically estimated at this moment." </em>
</li>
<li>I believe investors should start demanding Synergy CVRs of acquirors when synergies are not included in the fair value calculations. </li>
</ul>



MUFG (8306) bought 15.5% of WealthNavi (7342 JP) in February at ¥1,718/share - zero premium. The shares fell. Now they are bidding for the rest 13.5% higher.
WealthNavi forecasts fantastic growth. Dec29 OP is specifically estimated at ¥13.822bn. Everyone agrees there are synergies, but they're not "valued" because they "cannot be specifically estimated at this moment." 

I believe investors should start demanding Synergy CVRs of acquirors when synergies are not included in the fair value calculations. 


Mitsubishi UFJ Financial (MUFG) (8306 JP)

MUFG Launches a TOB to Take Out Robo-Advisor WealthNavi (7342) - The 81.4% Premium Is Light