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

ISS Takes Umbrage with Tokyo Dome, Recommends Booting the CEO from the Board

Tokyo Dome Sells Itself For the Wrong Price

Mitsui Fudosan Tender For Tokyo Dome (9681) Mooted

Quiddity Advisors

Event-Driven

Today after the close, in a move where the headline surprised me somewhat, <a href="https://www.smartkarma.com/entities/mitsui-fudosan-co-ltd" target="_blank" data-smartkarma-citation="entities:565:1" rel="noopener">Mitsui Fudosan (8801 JP)</a> announced that it had met with Oasis Management - the largest shareholder in <a href="https://www.smartkarma.com/entities/tokyo-dome-corp" target="_blank" data-smartkarma-citation="entities:6421:1" rel="noopener">Tokyo Dome Corp (9681 JP)</a> upon which it is conducting a Tender Offer - and Yomiuri Shinbun Holdings (Mitsui Fudosan's future ownership partner) on the 7th of December and had asked for the support of Oasis in making the Tender Offer successful. The release today states... <blockquote>
In response, Oasis Management expressed its intention to endorse the Tender Offer and tender all shares of the common stock of Tokyo Dome held by funds managed by Oasis Management at the tender offer price (1,300 yen per share of common stock), and further mentioned to the Company that it is prepared to enter into a tender agreement with the Company subject to satisfactory completion of negotiation of the terms of the agreement and internal approval process.
On the basis of this discussion with Oasis Management, the Company will start discussions with Oasis Management towards the execution of a tender agreement.
</blockquote>The release mentions that Mitsui Fudosan has entered into an agreement with Yomiuri Shinbun Holdings to transfer 20% of the entity post-tender so YSH becomes a 20% holder. It leaves it there. This obviously changes things. I thought the bid cheap and said as much in <a href="https://www.smartkarma.com/insights/tokyo-dome-sells-itself-for-the-wrong-price" target="_blank" data-smartkarma-citation="insights:45799" rel="noopener">Tokyo Dome Sells Itself For the Wrong Price</a>. More below the fold.

Today after the close, in a move where the headline surprised me somewhat, Mitsui Fudosan (8801 JP) announced that it had met with Oasis Management - the largest shareholder in Tokyo Dome Corp (9681 JP) upon which it is conducting a Tender Offer - and Yomiuri Shinbun Holdings (Mitsui Fudosan's future ownership partner) on the 7th of December and had asked for the support of Oasis in making the Tender Offer successful. The release today states... 
In response, Oasis Management expressed its intention to endorse the Tender Offer and tender all shares of the common stock of Tokyo Dome held by funds managed by Oasis Management at the tender offer price (1,300 yen per share of common stock), and further mentioned to the Company that it is prepared to enter into a tender agreement with the Company subject to satisfactory completion of negotiation of the terms of the agreement and internal approval process.
On the basis of this discussion with Oasis Management, the Company will start discussions with Oasis Management towards the execution of a tender agreement.
The release mentions that Mitsui Fudosan has entered into an agreement with Yomiuri Shinbun Holdings to transfer 20% of the entity post-tender so YSH becomes a 20% holder. It leaves it there. This obviously changes things. I thought the bid cheap and said as much in Tokyo Dome Sells Itself For the Wrong Price. More below the fold. 

Oasis Agrees To Tender Tokyo Dome (9681) - This Changes Things