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/Mitsui TOB for Nippon Steel Trading (9810) Starts

Quiddity Advisors

Event-Driven

Nippon Steel Trading Corporation / Event-Driven

Nippon Steel Trading Corporation (9810 JP)

<ul>
<li>
<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> and <a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" data-smartkarma-citation="entities:20799:1" rel="noopener">Mitsui &amp; Co Ltd (8031 JP)</a> today announced they would buy out <a href="https://www.smartkarma.com/entities/nippon-steel-sumikin-bussa" target="_blank" data-smartkarma-citation="entities:13087:1" rel="noopener">Nippon Steel &amp; Sumikin Bussan (9810 JP)</a>, their steel-trading subsidiary. </li>
<li>The shares trade near an all-time high, but Nippon Steel is paying an 87% premium. (Interestingly, the high end of the DCF ranges suggest a 280% premium)</li>
<li>On fundamentals, this could have been higher, but given the shareholder structure, I expect it is a done deal as-is. The Tender Offer should start in February 2023.</li>
</ul>



Nippon Steel Corporation (5401 JP) and Mitsui &amp; Co Ltd (8031 JP) today announced they would buy out Nippon Steel &amp; Sumikin Bussan (9810 JP), their steel-trading subsidiary. 
The shares trade near an all-time high, but Nippon Steel is paying an 87% premium. (Interestingly, the high end of the DCF ranges suggest a 280% premium)
On fundamentals, this could have been higher, but given the shareholder structure, I expect it is a done deal as-is. The Tender Offer should start in February 2023.


Nippon Steel & Mitsui & Co to Buy Out Nippon Steel Trading (9810) At 87% Premium