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

Quiddity Advisors

Event-Driven

Japan Tissue Engineering Co / Event-Driven

On Friday 29 January 2021 after the close, Japanese textiles and materials giant <a href="https://www.smartkarma.com/entities/teijin-ltd" target="_blank" data-smartkarma-citation="entities:5097:1" rel="noopener">Teijin Ltd (3401 JP)</a> announced a Tender Offer to buy 65% of the shares outstanding of <a href="https://www.smartkarma.com/entities/japan-tissue-engineering-co" target="_blank" data-smartkarma-citation="entities:8211:1" rel="noopener">Japan Tissue Engineering Co (7774 JP)</a> (colloquially known as J-TEC). Current parent company <a href="https://www.smartkarma.com/entities/fujifilm-holdings-corp" target="_blank" data-smartkarma-citation="entities:16353:1" rel="noopener">FUJIFILM Holdings (4901 JP)</a> has agreed to tender their 50.1% stake. The two sides went through the motions of finding a "fair price" for DCF purposes but effectively, that was to frame the agreed-upon transaction price between Teijin and FUJIFILM.This sets up an interesting trade on the front end, and mechanically higher than minimum pro-ration, but even for those who love partial offers, I would not crack out the champagne yet.I f you like the prospects for this business, there is a possibility this creates an interesting set-up.

On Friday 29 January 2021 after the close, Japanese textiles and materials giant Teijin Ltd (3401 JP) announced a Tender Offer to buy 65% of the shares outstanding of Japan Tissue Engineering Co (7774 JP) (colloquially known as J-TEC). Current parent company FUJIFILM Holdings (4901 JP) has agreed to tender their 50.1% stake. The two sides went through the motions of finding a "fair price" for DCF purposes but effectively, that was to frame the agreed-upon transaction price between Teijin and FUJIFILM.This sets up an interesting trade on the front end, and mechanically higher than minimum pro-ration, but even for those who love partial offers, I would not crack out the champagne yet.I f you like the prospects for this business, there is a possibility this creates an interesting set-up.

Teijin Partial TOB For Japan Tissue Engineering (7774)