Friday, 1 August 2014
Last updated 5 min ago
Dec 6 2007 | 7:22am ET
A London activist hedge fund has dropped demands that a private equity fund return a big chunk of change to shareholders and call a shareholder meeting to discuss selling its key investments.
PendVent, which is major shareholder in Australian private equity vehicle Babcock & Brown Capital, had demanded the return of A$425 million (US$370 million), as well as the sale of its majority stakes in Irish telecommunications company Eircom and Israel’s Golden Pages Group.
However, The Wall Street Journal reports that the hedge fund has dropped its demands, agreeing with Babcock that the two investments are “best realized over the medium term and not in the short term.”
The p.e. fund, which is managed by Babcock & Brown, also said that its A$445 million (US$387.4 million) in liquid assets have already been allocated to other investments.