Havens Advisors Top New Positions: Covidien plc (COV), Idenix Pharmaceuticals Inc. (IDIX) and Others

In its recent 13F filing with the U.S. Securities and Exchange Commission, Nancy Havens-Hasty’s Havens Advisors has disclosed its long equity positions for the second quarter of 2014. The value of the fund’s equity portfolio amounted to $137.9 million, representing an increase from the previous value of $98.1 million. According to the filing, the fund acquired more than 24 new stocks and sold out its holdings in 10 stocks. The fund has a┬ástrong focus on Healthcare and Technology stocks. We’ll take a look the top five new positions from the fund’s equity portfolio.

Covidien plc (NYSE:COV)

First on the list is Covidien plc (NYSE:COV), in which Havens Advisors revealed a $9.4 million stake, containing 104,000 shares of the company. Covidien PLC (NYSE:COV) is a global healthcare technology and medical supplies provider that has a market cap of $40.42 billion. Last month, Covidien plc (NYSE:COV) and Medtronic Inc. (NYSE: MDT) announced that they signed a definitive agreement under which Medtronic will acquire Covidien in a cash-and-stock transaction valued at about $42.9 billion. The deal is expected to close in the fourth calendar quarter of 2014 or early 2015. Among the largest shareholders of Covidien plc (NYSE:COV) include First Pacific Advisors LLC, led by Robert Rodriguez and Steven Romick, which owns 5.18 million shares and Harris Associates, which holds 3.69 million shares.

Next holding is Idenix Pharmaceuticals Inc. (NASDAQ:IDIX), which is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases. Havens Advisors holds 251,000 shares of the company, with a reported value of $6.05 million. During the second week of June, Idenix Pharmaceuticals Inc. (NASDAQ:IDIX) announced a definitive agreement under which Merck (NYSE:MRK) agreed to acquire Idenix for $24.50 per share in cash. The transaction is expected to close in the third quarter of 2014, according to a press release. Aside from Havens Advisors, Seth Klarman’s Baupost Group holds 53.33 million shares, and Brookside Capital owns 9 million shares of the company, according to our record.

In DIRECTV (NASDAQ:DTV), Havens Advisors disclosed owning 59,000 shares, worth $5.02 million. DIRECTV (NASDAQ:DTV) is a provider of digital television entertainment services, having a market cap of $43.80 billion. In May, AT&T (NYSE:T) agreed to acquire DIRECTV (NASDAQ:DTV) in a stock-and-cash transaction for $95 per share. The agreement was approved unanimously by the boards of directors of both companies, and the transaction is expected to close within about 12 months. Other significant shareholders of the company include Warren Buffett’s Berkshire Hathaway, and Harris Associates, holding 34.51 million shares, and 9.14 million shares, respectively.

The fourth-largest holding is represented by Hillshire Brands Co. (NYSE:HSH), in which the fund revealed holding 62,500 shares, with a reported value of $3.89 million. At the beginning of this month, the company entered into a definitive agreement with Tyson Foods Inc. (NYSE: TSN). Under the agreement, Tyson Foods agreed to acquire all outstanding shares of Hillshire Brands for $63 per share, with the all-cash transaction valued at about $8.55 billion, including the company’s outstanding net debt. The deal is anticipated to close by September 27, 2014, according to a news release. In addition to Havens Advisors, Ken Griffin’s Citadel Investment Group holds 4.99 million shares of the company, while Mario Gabelli’s GAMCO Investors disclosed owning 2.70 million shares.

On the fifth position is MICROS Systems Inc. (NASDAQ:MCRS), in which Havens Advisors reported owing 40,000 shares, worth $2.72 million. Last month, Oracle Corporation (NYSE:ORCL) said that it agreed to MICROS Systems Inc. (NASDAQ:MCRS), which is a provider of information technology solutions for the hospitality and retail industries, and has a market cap of $5.07 billion. Under the terms of the agreement, MICROS stockholders will receive $68.00 in cash for each share of common stock they hold. The purchase price represents a fully-diluted equity value of about $5.3 billion, or $4.6 billion net of cash. The deal is expected to close in the second half of 2014. Aside from Havens Advisors, Robert Joseph Caruso’s Select Equity Group holds 3.42 million shares, and Jeffrey Ubben’s Valueact Capital owns 2.27 million shares of the company, according to our record.

Disclosure: none

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