Saturday, 4 July 2015
Last updated 18 hours ago
Mar 15 2012 | 11:12am ET
Paulson & Co. is taking yet another tack in its battle to split Hartford Financial Services in twain.
The New York hedge fund has berated Hartford CEO Liam McGee and implored analysts covering the company to back its bid to split Hartford's life-insurance and property-casualty businesses. Now the firm, which owns 8.5% of the Hartford and which suffered its worst-ever year last year, says it will be satisfied with words.
"No one is saying do a spin-off today," Paulson founder John Paulson said in a presentation filed last week with the Securities and Exchange Commission. "We are saying announce a spin-off today and then take the next five or six quarters to close."
Paulson said such a move would "unlock significant value" if announced by April.
"We believe the combined valued would be approximately $31, a 62% increase," he wrote.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…