Friday, 28 November 2014
Last updated 3 hours ago
Dec 7 2010 | 6:19pm ET
Pershing Square Capital Management's William Ackman has had a lot of ideas about what to do with bookseller Borders Group, in which it owns a substantial stake. But Ackman's latest is almost certainly his boldest, a deal that would unite the country's two largest bookstore chains.
Ackman said this week that his hedge fund would help finance a nearly $963 billion takeover of Barnes & Noble by Borders. The former put itself up for sale earlier this year and the latter has struggled in recent years, requiring several infusions of cash from Pershing Square, which owns a 15% stake in Borders but holds warrants and swaps that could increase that total to 42%.
It's not the first time that Ackman has pushed for such a tie-up, having argued in favor of a merger before selling Pershing Square's 11% stake in B&N two years ago. Also in 2008, Ackman argued in favor of a deal between Borders and Amazon.com.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
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