Monday, 30 November 2015
Last updated 4 hours ago
Jun 27 2013 | 1:03pm ET
Tim Hortons is a Canadian institution, but two U.S. hedge funds aren't impressed.
Scout Capital has joined Highfields Capital Management in pushing for change at the coffee-and-donut chain. New York-based Scout this week asked the company to take on more debt to fund a share buyback.
Scout said that the move could double Tim Hortons' share price over the next few years. The hedge fund wants the company to buy back some 23% of outstanding shares.
Highfields, which launched its campaign earlier this year, wants Tim Hortons to be even more aggressive, calling for it to buy back 37% of its shares.
Scout holds a 5.5% stake in Tim Hortons; Highfields 4%.
Scout also echoed Highfields in calling on Tim Hortons to cease its expansion into the U.S.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…