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

Carlyle Group Tender Offer for Seiko PMC (4963) At 89% Premium

T&K TOKA (4636) Gets More Interesting - A Bump Is Now A Distinct Possibility

T&K TOKA (4636 JP): Imminent TOB Launch? Imminent Bump Needed?

Quiddity Advisors

Event-Driven

<ul>
<li>In January 2023, NAVF and Michael 1925 LLC - affiliates of Dalton Investments LLC - announced a hostile partial Tender Offer for <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a>. </li>
<li>It failed. They wanted to buy 21.72% at ¥1300 to get to 44% post-Tender. The Company objected. Dalton/etc didn't get the shares. Shares fell afterward. </li>
<li>Today, Bain announced a deal to take over the company at ¥1,400/share. T&amp;K TOKA has agreed. It may not be as easy as that. And there is a fulcrum investor.</li>
</ul>


In January 2023, NAVF and Michael 1925 LLC - affiliates of Dalton Investments LLC - announced a hostile partial Tender Offer for T&amp;K Toka Co Ltd (4636 JP). 
It failed. They wanted to buy 21.72% at ¥1300 to get to 44% post-Tender. The Company objected. Dalton/etc didn't get the shares. Shares fell afterward. 
Today, Bain announced a deal to take over the company at ¥1,400/share. T&amp;K TOKA has agreed. It may not be as easy as that. And there is a fulcrum investor.


Second Go-Round Tender for T&K TOKA (4636) As Bain Wants It All At ¥1,400/Share