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

Japan CorpGovReports: TSE "Mgmt Conscious of Capital Cost/Stock Price" Details (Dec24), TSE Updates

NEC Network (1973 JP) Tender Offer - The Landscape Has Fully Changed

NEC Networks (1973 JP) Final Showdown I - Extendy-Extendy, But Not Yet Bumpity Bumpity

Quiddity Advisors

Event-Driven

Nec Networks & System Integr / Event-Driven

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/nec-corp" target="_blank" data-smartkarma-citation="entities:17084:1" rel="noopener">NEC Corp (6701 JP)</a> extended its Tender Offer to buy controlled subsidiary <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a> for another 10 days. It did not have enough shares.</li>
<li>As discussed <a href="https://www.smartkarma.com/insights/nec-network-1973-jp-tender-offer-the-landscape-has-fully-changed" target="_blank" rel="noopener">here</a> 4wks ago, then <a href="https://www.smartkarma.com/insights/nec-networks-1973-jp-final-showdown-i-extendy-extendy-but-not-yet-bumpity-bumpity" target="_blank" rel="noopener">here</a> yesterday, NEC might not get enough shares unless it offers a higher price. There's a reason. It is not a high enough price. </li>
<li>METI Fair M&amp;A Guidelines and Guidelines for Corporate Takeovers define fair. Guarantees of a floor price and a fair allocation of synergies. One is questionable. The other is not there.</li>
</ul>


Yesterday, NEC Corp (6701 JP) extended its Tender Offer to buy controlled subsidiary Nec Networks &amp; System Integr (1973 JP) for another 10 days. It did not have enough shares.
As discussed here 4wks ago, then here yesterday, NEC might not get enough shares unless it offers a higher price. There's a reason. It is not a high enough price. 
METI Fair M&amp;A Guidelines and Guidelines for Corporate Takeovers define fair. Guarantees of a floor price and a fair allocation of synergies. One is questionable. The other is not there.


NEC Networks (1973 JP) Final Showdown II - Synergies Not Included, So Fair Value Not Offered