Friday, 29 August 2014
Last updated 7 hours ago
Jan 3 2013 | 11:18am ET
Pershing Square Capital Management is ending its fight over mall owner General Growth Properties.
The New York-based activist hedge fund has agreed to go passive, part of deal that saw it sell warrants to buy more than 18 million GGP shares to Brookfield Asset Management, GGP's largest shareholder and Pershing Square's one-time ally turned rival. Brookfield paid about $271.9 million for the warrants, which grant the right to buy GGP shares at less than half their current value.
Pershing Square also agreed to keep its stake below 10% for at least four years, and rescinded its call for GGP to explore a sale. In return, Brookfield, which led a reorganization of GGP with Pershing Square's backing in 2010, has agreed to ownership limits; in addition to seeking a sale, Pershing Square had warned against Brookfield's taking "de facto" control over GGP.
Brookfield owns more than 40% of GGP's shares, but has agreed to a 45% cap and to limit its right to vote shares in excess of 38.2% of GGP's common stock.
Pershing Square, GGP's second-largest shareholder, owns about 8% of the company's shares. The hedge fund said it was satisfied with GGP's board.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...