Monday, 20 October 2014
Last updated 8 hours ago
Aug 25 2008 | 1:00am ET
Mining company Cleveland-Cliffs Inc. is urging investors not to give an activist hedge fund effective veto power over a proposed acquisition that the hedge fund opposes.
The company recommended that shareholders reject a bid by Harbinger Capital Partners to increase its stake in Cleveland-Cliffs to as much as one-third. Cleveland-Cliffs needs to win the votes of two-thirds of shares to approve the $8.1 billion deal for Alpha Natural Resources.
Harbinger, which is Cleveland-Cliffs’ largest shareholder with a 15.57% stake, argues that the takeover of Alpha is not in the best interests of shareholders. Earlier this month, the hedge fund—which has focused on media companies recently, including Cablevision and The New York Times Co.—asked Cleveland-Cliffs to hold a shareholder vote, required under Ohio law, that would allow Harbinger to increase its stake to between 20% and one-third.
The vote is scheduled to be held on Oct. 3.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...