Mason Concedes In Fight With Canadian Telecom

Jan 25 2013 | 1:17pm ET

Hedge fund Mason Capital Management is waving the white flag in its battle with Canada's Telus Corp.

Telus said today that the two sides have agreed to end their legal battle over the telecommunications company's plan to consolidate its voting and non-voting share classes. Telus said it would move forward with the plan, which Mason said was unfair to the company's voting shareholders, in February.

No money will change hands as part of the agreement.

For its part, Mason appears to have been laying the groundwork for its capitulation by late last year, despite a court victory against Telus. Telus in November said it believed that Mason had been selling its stake in the company, and it was right: Mason owned just 3.4% of Telus' common, voting shares on Dec. 31, compared to 19% earlier last year.

Mason had complained that Telus' plan to merge its share classes on a one-for-one basis was unfair, as voting shareholders paid more for that privilege than non-voting shareholders paid for their stock. The two sides had fought over plans to hold competing shareholders meetings.


In Depth

Israeli Hedge Fund Harnesses Big Data

Jul 28 2014 | 8:10am ET

Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

Why Is The Shipping Industry Underwater?

Jul 31 2014 | 7:31am ET

Anyone who’s taken a look at the global shipping industry recently probably knows...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note