As one of Canada's most bitterly contested acquisitions nears the finish line, a dozen hedge funds including Citadel and Millennium Management are heaving a sigh of relief and sitting on profit of more than C$216 million ($162 million) on paper after a nearly two-year roller coaster ride.
after Canada's competition bureau this week dropped plans to block the deal. While the Canadian government still has the final say, most analysts and competition lawyers expect the deal to clear the last hurdle and close by the Jan. 31 deadline.
Hedge funds that bet on mergers and acquisitions aim to make money by buying shares in a company that is the target of a takeover bid in the hope they will rise towards the offer price. The ride over the past two years wasn't one for the faint-hearted as the competition bureau battled to keep the transaction from going through, taking its case to Canada's antitrust tribunal and a Federal Court of Appeal.
Billionaire Israel Englander's Millennium, the hedge fund with the largest position in Shaw, would have made a C$44 million profit from its 7.59 million shares if it had held the number of shares it currently holds for the full two years, according to Reuters calculations.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Canadians ‘don’t trust’ Rogers-Shaw deal, Liberal MP tells Rogers executivesThe Competition Bureau opposed the merger but was overruled by the Competition Tribunal and the court.
Weiterlesen »
Rogers-Shaw on cusp of final nod for protracted C$20 bln deal, shares riseRogers Communications Inc's long battle to buy smaller rival Shaw Communications Inc overcame a major hurdle after the Canada Competition Bureau dropped plans to kill the deal following two defeats in courts in less than a month.
Weiterlesen »
Restaurant named Joey to open at NorthPark Center, in place of Seasons 52Joey has nearly two-dozen locations in Canada.
Weiterlesen »
DeMeco Ryans, David Shaw emerge as strong candidates in Broncos' searchDeMeco Ryans and David Shaw have emerged as strong candidates in the Broncos' search. Ryans draws praise from coaches and players for confidence, energy, and football IQ.
Weiterlesen »
More than a dozen children suffer minor injuries in Queens fireIt is believed an E-bike in the basement started the fire at the two-story home with a day care on the first floor.
Weiterlesen »
Over a dozen kids suffer ‘non-serious’ injuries in Kew Gardens Hills house fire – QNS.comAt least 18 people were taken to area hospitals for evaluation after a fire broke out in the basement of a Kew Gardens Hills residence on Wednesday, according
Weiterlesen »