BOSTON, Oct 20- Billionaire investor William Ackman, whose fund is the largest shareholder in Allergan Inc., and Valeant Pharmaceuticals said the botox maker's Chief Executive Officer David Pyott tried to discredit Valeant as it was making a hostile takeover bid, court documents showed. Ackman's hedge fund has been working with Valeant for months to craft a...» Read More
Oct 20- Allergan Inc shareholder Paulson& Co is urging the Botox maker to merge with specialty pharmaceutical company Shire Plc as an alternative to a deal with hostile bidder Valeant Pharmaceuticals, according to two people familiar with the matter. The hedge fund told Allergan CEO David Pyott that it would support a deal with Shire, the sources said.
Sears shares rose about 7.5 percent in early trading. Most of this will come from Lampert and his hedge fund, ESL Investments Inc, which together own 48.5 percent of Sears. Sears' deepening financial troubles have forced insurers and banks to raise the cost of guaranteeing payment to vendors, rattling the retailer's supply chain ahead of the key holiday season.
Sears has announced plans to raise a total of just over $2 billion this year and this is the third time in two months that Chief Executive Eddie Lampert, whose interests will take up their rights, has agreed to pump funds into the retailer. Lampert and his hedge fund, ESL Investments Inc, and affiliated funds together own 48.5 percent of Sears. Sears said this month...
Oct 20- Struggling retailer Sears Holdings Corp said it would raise up to $625 million through a rights offering of senior notes due 2019 and warrants to buy shares. Sears Chief Executive Eddie Lampert and his hedge fund, ESL Investments Inc and certain affiliated funds, plan to exercise their rights, the company said in a statement. Sears said this month that it...
New York, Oct 17- Suvretta Capital Management, founded by a former portfolio manager for billionaire investors George Soros and Steven A. Cohen, is generating net returns of 6 percent year-to-date, despite this week's stock market drop and wild gyrations, according to two sources familiar with the situation. The majority of flows into equity strategies over the...
Elliott Management sent a letter to Family Dollar's board, nominating seven new directors on Friday.
Family Dollar Stores Inc. accepted an $8.5 billion cash and stock buyout offer from fellow discounter Dollar Tree in July. Family Dollar said previously that regulators are less likely to raise antitrust concerns in a deal with Dollar Tree. Elliott Management said that Family Dollar missed a chance to get Dollar General and Dollar Tree into a bidding war.
Oct 17- Activist investor Elliott Advisors UK Ltd nominated seven candidates for election to Family Dollar Stores Inc's board as it looks to push for a sale of the dollar store operator to bigger rival Dollar General Corp.. Elliot holds a stake of about 4.9 percent in Family Dollar, the hedge fund said in a statement on Friday. Dollar General's offer was "clearly...
The big "bucks" keep flowing from Manhattan to Milwaukee with Jamie Dinan joining Marc Lasry and Wes Edens as an owner of the NBA's Bucks.
Billionaire David Einhorn's hedge fund Greenlight Capital plans to raise money for the first time in two years.
Amy Bensted, head of hedge fund products at Preqin, says the industry has seen a "choppy" performance.
Carson Block, founder of Muddy Waters, is seriously thinking about starting a hedge fund firm.
Former hedge fund manager Steve Cohen's Point72 Asset Management, has generated a gross profit of about $1.8 billion so far in 2014.
NEW YORK, Oct 16- A former analyst at a San Francisco hedge fund who prosecutors say engaged in an "unparalleled" spree of tipping inside information he obtained from an executive at Foundry Networks Inc was sentenced on Thursday to five years in prison. District Judge Robert Patterson in Manhattan to pay $653,890 in fines and forfeitures for his role in a...
NEW YORK— A former investment analyst for a San Francisco hedge fund was sentenced Thursday to five years in prison after prosecutors labeled him one of the most prolific leakers of inside information they'd ever seen. Before hearing the sentence in federal court in Manhattan, a tearful Matthew Teeple apologized for bringing shame to his family.
NEW YORK, Oct 16- Short seller Carson Block, the founder of research firm Muddy Waters LLC who has exposed accounting problems at a slew of Chinese companies, said on Thursday that he is seriously considering launching a hedge fund investment firm. "We are more so than ever very seriously considering becoming a fund manager, but it would not be the same sort of Muddy...
Citadel's founder Kenneth Griffin is bullish on both the U.S. and energy, expecting rates to rise soon.
CNBC's David Faber reports AbbVie's board of directors said they are recommending against a deal to buy Shire plc.
*Europe under pressure but weak euro should help- Rossi. LONDON, Oct 16- The underlying strength of the U.S. economy should enable U.S. stocks to recover from this week's sell-off, said Fidelity Worldwide Investments' Dominic Rossi, which he said had been made worse by hedge funds' "poor" trades. Stocks in Europe and U.S. equity futures extended their losses on Thursday,...
Hedge funds are on course for their worst year since 2011, as several of their biggest and most popular trades turned sour.
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Pimco need only look at its own performance for a lesson in the perils of active management, Fidelity founder Bogle said.
Weakness in Europe has been the dominant driver behind the recent volatility in U.S. stock markets, Mary Callahan Erdoes said.
As Doug Kass sees it, "IBM" just as easily could stand for "I need Buffett's Money."