Tuesday, 28 July 2015
Last updated 11 hours ago
Dec 7 2011 | 1:54am ET
Och-Ziff Capital Management founder Daniel Och thinks he may have sold his firm too short in a share offering last month.
The publicly-listed New York-based hedge fund, which manages about $28.9 billion, sold nearly $250 million worth of shares to help pay down its debt. The firm sold the 33.3 million shares, representing about 27% of its total shares outstanding, at a 19% discount to its share price the day before the announcement, and shares have surged 11% since the offering.
All of that has Och thinking the firm may have undersold itself.
"Do we think that we may have sold stock at a price in hindsight will look like it's very cheap?" Och said yesterday at a Goldman Sachs conference. "We do. We made a decision to go ahead at a price level which we definitely felt was extremely attractive and some felt too cheap a level to be selling stock."
May 27 2015 | 2:15pm ET
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