Tuesday, 28 April 2015
Last updated 11 hours ago
Apr 24 2013 | 11:17am ET
Activist hedge fund ValueAct Capital Management has taken a $2 billion stake in software giant Microsoft Corp.
ValueAct founder Jeffrey Ubben disclosed the huge investment at a Monday investor conference. Ubben said that Microsoft was undervalued.
"It is a dominant software company," Ubben said. "In the long term, it will win out." Ubben also praised Microsoft's work on cloud computing, noting, "Microsoft could be the largest cloud company in the world."
Microsoft said it welcomes "the perspectives of shareholders," and that it is "committed to enhancing value for all shareholders, and will continue to take actions that we believe will enable us to achieve this objective."
ValueAct did not specify how many shares it owned, but a $2 billion stake would amount to less than 1% of Microsoft.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…