Friday, 29 May 2015
Last updated 4 hours ago
Sep 16 2013 | 11:11am ET
Elliott Management tendered enough of its Kabel Deutschland shares to ensure that Vodafone's bid for the cable company succeeded. Now, it plans to use its remaining shares to force Vodafone to pay up.
Elliott, Davidson Kempner Capital Management and York Capital Management plan to sue Vodafone to force the telecommunications giant to pay more for the shares they still own. Elliott is Kabel Deutschland's largest shareholder other than Vodafone with a 10.9% remaining stake, Reuters reports, while Davidson Kempner owns 3.4%.
Under German law, shareholders can ask a court to mandate a higher price for the 23.52%, a tactic Elliott employed with crane-maker Terex's purchase of Germany's Demag two years ago, a case that is still pending. The hedge fund has not said how much it will seek from Vodafone, only that the company's original offer was insufficient.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…