Hedge Fund Drops Activist Bid Against Aussie Private Equity Fund

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.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Opportunities Ahead: Asian Fixed Income and Currency Markets

Apr 24 2015 | 6:18am ET

For hedge funds focusing on Asia, the policy uncertainty, unclear interest rate...

 

Editor's Note