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

Benefit One (2412): M3 Extends For a Full Month

Dai-Ichi Life "Decides" Tender Offer Price and Buyback Price at ¥2,123 and ¥1,491/Share

Dai-Ichi Life (8750) Proposes a Full Takeover of Benefit One (2412), Overbidding M3

Quiddity Advisors

Event-Driven

<ul>
<li>The deal from Dai-Ichi Life for <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a> appears language I did not get the first time around. The JPY 1800/share price is a <em>proposed combined value.</em>
</li>
<li>The deal would then lower the TOB price to Pasona, and share the benefits from that lower price to Benefit One minorities. </li>
<li>That suggests more upside to Benefit One than I originally thought, and less upside (but still a chunk) to Pasona.</li>
</ul>


The deal from Dai-Ichi Life for Benefit One Inc (2412 JP) appears language I did not get the first time around. The JPY 1800/share price is a proposed combined value.

The deal would then lower the TOB price to Pasona, and share the benefits from that lower price to Benefit One minorities. 
That suggests more upside to Benefit One than I originally thought, and less upside (but still a chunk) to Pasona.


New Benefit One Deal Recalculated, More Benefit for All, Less for One