Thursday, 21 August 2014
Last updated 2 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note