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

T-Gaia (3738 JP) - Possible Premium Takeout Story

Quiddity Advisors

Event-Driven

<ul>
<li>Today, just before the close, the Nikkei put out a scoop that Bain would buy <a href="https://www.smartkarma.com/entities/t-gaia-corp" target="_blank" data-smartkarma-citation="entities:8339:1" rel="noopener">T Gaia Corp (3738 JP)</a> for ¥140bn. Sounds big. It was a 30% discount.</li>
<li>There is a three Tender Offer process whereby minorities, who could be squeezed out regardless, are offered the opportunity to block the deal by not tendering at ¥2,670.</li>
<li>This not-quite "majority of minority" of the super-minority is an interesting governance condition established by the Special Committee. It bears some study.</li>
</ul>


Today, just before the close, the Nikkei put out a scoop that Bain would buy T Gaia Corp (3738 JP) for ¥140bn. Sounds big. It was a 30% discount.
There is a three Tender Offer process whereby minorities, who could be squeezed out regardless, are offered the opportunity to block the deal by not tendering at ¥2,670.
This not-quite "majority of minority" of the super-minority is an interesting governance condition established by the Special Committee. It bears some study.


T-Gaia (3738 JP) - Potential Premium Takeout Story Turns To An Ugly Takeunder