Portfolio Company Approves Pirate-Opposed Sale

Oct 10 2007 | 7:09am ET

In a defeat for embattled activist hedge fund Pirate Capital, shareholders of utility Aquila Inc. overwhelmingly approved a proposed sale of the company.

At a five-minute long shareholder meeting in Blue Springs, Mo., Aquila CEO Richard Green—whose face Pirate put on a button opposing the deal—said the proposed purchase by Great Plains Energy passed. More than 88% of shareholders—representing 60% of all shares outstanding—voted for approval.

Norwalk, Conn.-based Pirate had argued that the deal, worth about $4.30 per share, did not fairly value Aquila, and pushed for a deal worth at least $5 per share. However, neither its sartorial statements against the deal—in both button and t-shirt form—nor its attendant Web site—badaquiladeal.com—nor a lawsuit—dismissed last month—was able to derail the deal.

The vote by Great Plains Energy shareholders is set to be announced today.

Pirate, which has seen most of its assets disappear under a hail of redemption requests, owned about 5% of Aquila’s outstanding shares.

RELATED ARTICLE:


In Depth

Q&A: Brevan Howard’s Charlotte Valeur Talks Strategy

Sep 18 2014 | 11:18am ET

Charlotte Valeur chairs the board of Brevan Howard Credit Catalysts, an LSE listed...

Lifestyle

Hedgies Rock Out For Children's Charity

Sep 15 2014 | 8:40am ET

It's that time of year again—when hedgies trade in their spreadsheets for guitars...

Guest Contributor

Volkered: How Financial Sector Reforms are Creating Opportunities for Hedge Funds

Sep 16 2014 | 11:28am ET

New regulations have dramatically curtailed proprietary trading activity in investment...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

September 2014 Cover

The London Whale: Rogue risk management

Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.