Ramius Targets Texas Auto Finance Company

Jan 18 2008 | 8:18am ET

Ramius Capital Group, a New York-based activist hedge fund, may need to get itself a pair of cowboy boots and a 10-gallon hat.

Just days after losing a proxy battle for representation on the board of Houston-based cafeteria concern Luby’s Inc., the hedge fund revealed an interest in another Texas company, Fort Worth-based auto finance company AmeriCredit Corp.

In a filing Thursday, Ramius said it has taken a 1.75% stake in AmeriCredit. More significantly, it said it is a “member of a 13-D group” which owns more than 10% of the company. The hedge fund did not identify the other investors who are part of the group.

Ramius built up its AmeriCredit stake last Friday and Monday, buying 2 million shares for $23.6 million.

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