Tuesday, 1 December 2015
Last updated 9 hours ago
Feb 9 2007 | 12:11pm ET
Here’s looking at you, kid: U.S.-based hedge funds K Capital Partners and M2 Capital Management have snapped up more than 16% of Europe's largest film processing company, Cewe Color, and are seeking the ouster of CEO Rolf Hollander, according to German magazine Der Spiegel. The Boston- and New York-based shops, which are putting aside their differences in sports-related matters, are calling for a new board of directors and a special dividend of $6.50 per share for all shareholders, to be debt-financed by the company.
In a letter to shareholders dated Feb. 2, Cewe snapped back at the M2 writing, “The hedge fund confronted us with numerous reproaches in a letter that in the opinion of management are not justified and primarily serve to conceal the actual intent of M2: For some time now, the hedge fund has in several letters and conversations been repeatedly demanding a debt-financed special dividend in the amount of €37 million to €120 million—against the background of shareholders’ equity of €113 million.”
“M2 Capital has threatened to have a special shareholders’ meeting convened exclusively for the purpose of achieving this goal. We have not, however, yielded to this pressure and will in the future also not allow ourselves to be put under pressure.”
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…