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

Snow Peak (7816) - Nikkei Says Bain to Launch ¥50bn MBO

Quiddity Advisors

Event-Driven

<ul>
<li>The possibility/likelihood of a "¥50bn MBO" for <a href="https://www.smartkarma.com/entities/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a> was leaked in a Nikkei article last Friday. It went limit up two days in a row. </li>
<li>That TOB price is more than 70% off its three-year high. That will certainly disappoint some. Separately, the price seems a bit low given growth. </li>
<li>The family and friends own ~42% so if someone gets upset, or uppity, there could be a challenge. Just because an MBO exists doesn't mean people have to tender in.</li>
</ul>


The possibility/likelihood of a "¥50bn MBO" for Snow Peak Inc (7816 JP) was leaked in a Nikkei article last Friday. It went limit up two days in a row. 
That TOB price is more than 70% off its three-year high. That will certainly disappoint some. Separately, the price seems a bit low given growth. 
The family and friends own ~42% so if someone gets upset, or uppity, there could be a challenge. Just because an MBO exists doesn't mean people have to tender in.


Snow Peak (7816) - Bain Deal at ¥1,250 - 46% Premium Is Nice, Not A Home Run