Thursday, 18 December 2014
Last updated 11 hours ago
May 1 2012 | 12:31pm ET
Jana Partners' Barry Rosenstein is taking a bit of a bow after his investment in Barnes & Noble paid off in a big way this week.
The activist hedge fund manager made a paper gain of $49.2 million on its 12% stake in the bookseller, after Microsoft announced yesterday that it would invest $300 million in a new unit that will cover B&N's Nook digital reader and college businesses, two of its most profitable business lines.
"The question is, why would anyone short that stock?" Rosenstein asked on CNBC. "We figured we have very little downside. We thought there was a very high probability that some sort of strategic transaction like this would occur."
The Microsoft deal will create a still-unnamed business that will report separately from B&N and that is, at a stroke, worth more than B&N itself with a $1.7 billion valuation. Microsoft will own about 18% of the business, and B&N the rest.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.