Yesterday International Paper (IP) made a $3.3 Billion hostile bid for Temple-Inland and today Temple-Inland (TIN) went up 40%. Several hedge funds were betting on paper companies earlier this year after Rock-Tenn (RKT) announced to acquire Smurfit-Stone Container (SSCC). Here are the hedge funds that made a bundle on their Temple-Inland bets today:
1. Doug Silverman – Senator Investment Group: Made $44 Million
2. Jeffrey Altman – Owl Creek Asset Management: Made $25 Million
3. Ron Gutfleish – Elm Ridge Capital: Made $23 Million
4. David Tepper – Appaloosa Management: Made $11 Million
5. William Michaelcheck – Mariner Investment Group: Made $8 Million
6. Mark Kingdon – Kingdon Capital Management: Made $6.4 Million
7. Chuck Royce – Royce & Associates: Made $6 Million
8. Clint Carlson – Carlson Capital: Made $5.6 Million
