Anthony Scaramucci Says He Sees Inflation as Transitory, Not a Long-Term Problem (CNBC)
Inflationary pressures in the global economy are temporary and won’t be long-term problems, according to hedge fund investor Anthony Scaramucci. The founder and managing partner of SkyBridge Capital said he believes rising prices are related to supply chain constraints and will ease once the bottlenecks are resolved. “I don’t see the inflation being long term. I think this is a transitory aftermath of the crisis,” he told CNBC’s “Capital Connection” on Wednesday.
Lee Enterprises Board Rejects Alden’s Acquisition Offer (The Wall Street Journal)
Lee Enterprises Inc. said its board rejected an unsolicited proposal from New York hedge fund and U.S. newspaper consolidator Alden Global Capital LLC to purchase the company for $24 a share in cash. The local news, information, and advertising services company said Thursday its board determined that Alden’s proposal undervalues the company and isn’t in its best interest.
Elliott’s Activism Doesn’t Always Travel From the Spreadsheet (Bloomberg)
Elliott Management Corp. is a master at forcing companies to do something about the gap between a lowly share price and their value on paper. But the activist hedge fund’s campaign targeting U.K. utility SSE Plc runs up against an awkward reality: Stock markets don’t always obey spreadsheets. SSE is a fiendishly complicated firm with a simple problem. It wants to spend 12.5 billion pounds ($16.5 billion) on doubling its renewable-energy capacity, but it can’t afford to do this while also paying a chunky dividend and preserving its credit rating. So it plans to raise cash by selling as much as 25% of its business operating power lines and connecting British homes to the grid. Plus, it will cut a dividend that costs about 800 million pounds annually.
Activist Investor Macellum Prepares Kohl’s Board Challenge – Sources (Reuters)
NEW YORK, Dec 9 (Reuters) – Activist hedge fund Macellum Advisors GP LLC is planning to nominate directors to Kohl’s Corp’s (KSS.N) board because it believes the U.S. retailer has not done enough to improve its business, two people familiar with the matter said.
Vivendi to Acquire Amber Capital’s Stake in Lagardere, Sets Takeover Bid in February 2022 (Variety.com)
Vivendi, the parent company of Canal Plus Group, is set to acquire a 17.5% stake in Lagardere, the French media, publishing and travel retail conglomerate, from Amber Capital in the next few days. Vivendi will own 45.1% of the Lagardère capital following the acquisition of 24.7 million shares at a price of €24.10 ($27.27) per share. The company said the transaction will not imply any cash transfers from either party, since Amber Capital will keep the funds received as cash collateral from Vivendi.
Ex-Hedge Fund Star Philip Falcone was Once Worth More than $2bn — Now His Bills Pile Up (Financial News)
Philip Falcone was worth more than $2bn a decade ago. By last year, he was representing himself in court, saying he couldn’t afford a lawyer. “I’m behind on virtually every one of my bills,” Falcone said at a court hearing in a lawsuit filed by one of his many creditors. “Including my kids’ tuition.”