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

Nippon Steel's HOSTILE Partial Tender Offer for Tokyo Rope: A Move to Mark Territory?

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a> wrote about the <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a> hostile partial offer for <a href="https://www.smartkarma.com/entities/tokyo-rope-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:5132:1" rel="noopener">Tokyo Rope Mfg (5981 JP)</a> last night in <a href="https://www.smartkarma.com/insights/nippon-steel-s-hostile-partial-tender-offer-for-tokyo-rope-a-move-to-mark-territory" target="_blank" data-smartkarma-citation="insights:47270" rel="noopener">Nippon Steel's HOSTILE Partial Tender Offer for Tokyo Rope: A Move to Mark Territory?</a> It is a fascinating situation. The existing large shareholder (Nippon Steel), who was asked to be the large shareholder by the Tokyo Rope itself, and to "support" the company years ago according to the story told by Nippon Steel, has decided to bid for 10% to get to 19.9%. This is not a number chosen at random. It gets them to the border of significance, but does not cross the threshold into Special Related Shareholder status, and under IFRS Nippon Steel could keep Tokyo Rope as an equity holding rather than an equity affiliate (which, if "forced" by Nippon Steel might be ill-received by Tokyo Rope (as if this bid will not be - it is quite pointed in its criticisms)).However, Tokyo Rope may choose another route. Some discussion, shareholder structure analysis, and Travis' Patented Arb Grids below...

Janaghan Jeyakumar, CFA wrote about the Nippon Steel Corporation (5401 JP) hostile partial offer for Tokyo Rope Mfg (5981 JP) last night in Nippon Steel's HOSTILE Partial Tender Offer for Tokyo Rope: A Move to Mark Territory? It is a fascinating situation. The existing large shareholder (Nippon Steel), who was asked to be the large shareholder by the Tokyo Rope itself, and to "support" the company years ago according to the story told by Nippon Steel, has decided to bid for 10% to get to 19.9%. This is not a number chosen at random. It gets them to the border of significance, but does not cross the threshold into Special Related Shareholder status, and under IFRS Nippon Steel could keep Tokyo Rope as an equity holding rather than an equity affiliate (which, if "forced" by Nippon Steel might be ill-received by Tokyo Rope (as if this bid will not be - it is quite pointed in its criticisms)).However, Tokyo Rope may choose another route. Some discussion, shareholder structure analysis, and Travis' Patented Arb Grids below...

New Money for Old Rope? Gaming Out A Hostile Partial Offer on Tokyo Rope (5981)