Monday, 29 December 2014
Last updated 1 hour ago
Sep 26 2007 | 7:46am ET
Activist hedge fund Pirate Capital got some desperately needed good news last week, when portfolio company Angelica Corp. announced it is looking into a sale of itself.
Norwalk, Conn.-based Pirate, which has been buffeted by investment losses and huge redemptions this year, forcing it to suspend redemptions in two of its funds, agreed to end its proxy battle with linen and uniform provider Angelica following Angelica’s announcement and agreement “to reimburse a portion of Jolly Roger’s expenses” incurred during the proxy campaign.
Pirate had sought the election of two candidates, including Pirate founder Thomas Hudson, to the board of the Chesterfield, Mo.-based company. The hedge fund owns about 10% of Angelica.
In a letter to Angelica yesterday, Hudson wrote, “Pirate Capital Group hereby confirms it will not nominate, or solicit proxies for the election of, other persons at the 2007 Annual Meeting.”
Angelica last week announced it had directed investment bank Morgan Joseph to pursue a possible sale of the company.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.