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

Invesco Office's Terrible, Horrible, No Good Very Bad Day... Changes Things

Invesco Office's Beige Knight (Deemed Dirty Gray By Markets) Suddenly Looks Brighter and Whiter

Starwood Responds to Invesco Office's White Knight Proposal

Invesco Office J-REIT Responds to Starwood's Hostile Offer

Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight

Starwood Rejection of Extension Means Full Hostile Tender

Quiddity Advisors

Event-Driven

Now we are getting more interesting. Yesterday 10 May, Starwood Capital Group and its bidding entity 101 LPS raised its bid from ¥20,000/unit to ¥21,750/unit - an 8.75% bump - and lowered the minimum threshold for tender success from 5,344,355 units to 4,341,133 units or from two-thirds plus one share to about 55.27%.I suggested on the 6th in <a href="https://www.smartkarma.com/insights/invesco-office-opposes-starwood-hostile-offer-and-gets-a-distinctly-beige-knight" target="_blank" data-smartkarma-citation="insights:51162" rel="noopener">Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight</a> that it was in Starwood's interest to respond to Invesco's new tactic of having the parent buy shares and do so early on. First was to ensure Invesco had to newly decide to pay more, and second was to make it clear they were paying up. There was an added aspect of them being able to not extend the end of the Tender Offer if they revised by the 10th, which they did.This changes things for investors. More discussion below the fold.<hr>The insights in this series are:<table class="table table-striped"><tbody>
<tr><td colspan="2" style="width: 76.5714px;"><h2>The Starwood - Invesco Office REIT Tussle</h2></td></tr>
<tr>
<td style="width: 76.5714px;">Date</td>
<td style="width: 627.429px;">Title</td>
</tr>
<tr>
<td style="width: 76.5714px;">5 Apr 2021</td>
<td style="width: 627.429px;"><a href="https://www.smartkarma.com/insights/starwood-targets-japan-s-first-hostile-reit-full-tob-for-invesco-office-j-reit" target="_blank" data-smartkarma-citation="insights:49976" rel="noopener">Starwood Targets Japan's First Hostile REIT Full TOB for Invesco Office J-REIT</a></td>
</tr>
<tr>
<td style="width: 76.5714px;">8 Apr 2021</td>
<td style="width: 627.429px;"><a href="https://www.smartkarma.com/insights/starwood-hostile-reit-tender-launched" target="_blank" data-smartkarma-citation="insights:50112" rel="noopener">Starwood Hostile REIT Tender Launched</a> </td>
</tr>
<tr>
<td style="width: 76.5714px;">15 Apr 2021</td>
<td style="width: 627.429px;"><a href="https://www.smartkarma.com/insights/invesco-office-j-reit-responds-to-starwood-s-hostile-offer" target="_blank" data-smartkarma-citation="insights:50381" rel="noopener">Invesco Office J-REIT Responds to Starwood's Hostile Offer</a> </td>
</tr>
<tr>
<td style="width: 76.5714px;">23 Apr 2021</td>
<td style="width: 627.429px;"><a href="https://www.smartkarma.com/insights/starwood-rejection-of-extension-means-full-hostile-tender" target="_blank" data-smartkarma-citation="insights:50641" rel="noopener">Starwood Rejection of Extension Means Full Hostile Tender</a> </td>
</tr>
<tr>
<td style="width: 76.5714px;">6 May 2021</td>
<td style="width: 627.429px;"><a href="https://www.smartkarma.com/insights/invesco-office-opposes-starwood-hostile-offer-and-gets-a-distinctly-beige-knight" target="_blank" data-smartkarma-citation="insights:51162" rel="noopener">Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight</a> </td>
</tr>
</tbody></table>

Now we are getting more interesting. Yesterday 10 May, Starwood Capital Group and its bidding entity 101 LPS raised its bid from ¥20,000/unit to ¥21,750/unit - an 8.75% bump - and lowered the minimum threshold for tender success from 5,344,355 units to 4,341,133 units or from two-thirds plus one share to about 55.27%.I suggested on the 6th in Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight that it was in Starwood's interest to respond to Invesco's new tactic of having the parent buy shares and do so early on. First was to ensure Invesco had to newly decide to pay more, and second was to make it clear they were paying up. There was an added aspect of them being able to not extend the end of the Tender Offer if they revised by the 10th, which they did.This changes things for investors. More discussion below the fold.The insights in this series are:
The Starwood - Invesco Office REIT Tussle

Date
Title


5 Apr 2021
Starwood Targets Japan's First Hostile REIT Full TOB for Invesco Office J-REIT


8 Apr 2021
Starwood Hostile REIT Tender Launched 


15 Apr 2021
Invesco Office J-REIT Responds to Starwood's Hostile Offer 


23 Apr 2021
Starwood Rejection of Extension Means Full Hostile Tender 


6 May 2021
Invesco Office OPPOSES Starwood Hostile Offer and Gets a Distinctly Beige Knight 



Starwood Bumps Terms, Lowers Threshold on Invesco Office

Invesco Office J Reit

Starwood Bumps Terms, Lowers Threshold on Invesco Office