Saturday, 23 August 2014
Last updated 12 hours ago
Nov 12 2007 | 12:29pm ET
A Japanese court has rejected a British hedge fund manager’s bid to block a portfolio company’s bond issue, making activist managers 0-for-2 in court bids this year.
Silchester International Investors had sought to prevent Autobacs Seven, a Japanese auto parts retailer, from issuing 65 billion yen ($589 million) in convertible bonds, complaining it gave the company away for too little and could dilute its 4.6% stake. But the Tokyo District Court rejected its request, filed last week. In August, Steel Partners was also rebuffed in its effort to prevent a Japanese Worcestershire sauce maker from implementing a poison pill.
Autobacs said it would go ahead with the bond sale today.
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