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

SCSK (9719 JP) Launches Buyout of Subsidiary JIEC

Quiddity Advisors

Event-Driven

Today after the close, <a href="https://www.smartkarma.com/entities/5380" target="_blank" data-smartkarma-citation="entities:5380:1">Sumitomo Corp (8053 JP)</a> consolidated subsidiary <a href="https://www.smartkarma.com/entities/19996" target="_blank" data-smartkarma-citation="entities:19996:1">SCSK Corp (9719 JP)</a> announced a Tender Offer to buy out minorities in <a href="https://www.smartkarma.com/entities/19831" target="_blank" data-smartkarma-citation="entities:19831:1">Veriserve Corp (3724 JP)</a>.SCSK currently holds 2,900,000 shares or 55.59% of voting rights. The Tender Offer is at ¥6,700/share which is a 43.6% premium to the last traded price of the day before the announcement (¥4,665), a 44.6% premium to the one-month average, a 28.3% premium to the 3-month average, and a 36.6% premium to the 6-month average.The price does not seem egregiously unfair, but for investors who own it who think it has another double in it this year they might get upset.This is one of those situations with which the currently underway METI M&amp;A Fairness enquiry might have a problem.And if you care about the fairness of the M&amp;A bidding and response process, and ensuring that minority investors get their interests defended by process, have a look at the METI Fair M&amp;A panel and its consultation paper and by all means offer your comments.

Today after the close, Sumitomo Corp (8053 JP) consolidated subsidiary SCSK Corp (9719 JP) announced a Tender Offer to buy out minorities in Veriserve Corp (3724 JP).SCSK currently holds 2,900,000 shares or 55.59% of voting rights. The Tender Offer is at ¥6,700/share which is a 43.6% premium to the last traded price of the day before the announcement (¥4,665), a 44.6% premium to the one-month average, a 28.3% premium to the 3-month average, and a 36.6% premium to the 6-month average.The price does not seem egregiously unfair, but for investors who own it who think it has another double in it this year they might get upset.This is one of those situations with which the currently underway METI M&amp;A Fairness enquiry might have a problem.And if you care about the fairness of the M&amp;A bidding and response process, and ensuring that minority investors get their interests defended by process, have a look at the METI Fair M&amp;A panel and its consultation paper and by all means offer your comments. 

SCSK (9719 JP) Launches Buyout of Subsidiary VeriServe (3724 JP)