Elliott Presses SoftBank to Identify $10 billion of Investments it Holds: Sources (Reuters)
LONDON (Reuters) – Elliott Management Corp is pressing SoftBank Group Corp (9434.T) for details of nearly-$10 billion of investment securities on its balance sheet, as part of its campaign to improve the value of the Japanese conglomerate in which it holds a stake, sources said. The $40 billion hedge fund, one of the most powerful activist investors, has a $3 billion stake in the company and is trying to push for changes after SoftBank’s bet on start-ups such as space-sharing firm WeWork soured.
Glenview Hedge Fund Scraps NYC Investor Event Over Coronavirus (Bloomberg)
Larry Robbins’s Glenview Capital Management canceled a conference for investors in New York because of the coronavirus, joining a long list of companies changing plans as the contagion spreads. The “growing number of travel restrictions put in place by financial institutions” also contributed to the decision, the hedge fund firm said in an investor letter seen by Bloomberg News. The event was scheduled for April 22 and may be rescheduled for later in the year.
Prudential Investors Back Loeb but in No Rush to Execute Break-up Plan (Reuters)
LONDON (Reuters) – Shareholders in Prudential Plc (PRU.L) have given their blessing to a bid by activist investor Third Point to carve up Britain’s largest insurer but advise against a hasty sale of its U.S business. Third Point, the $14 billion hedge fund run by investor Dan Loeb, on Monday amassed a $2 billion-plus stake in the 170-year-old life insurer and called on management to separate its Asian and U.S. businesses.
Activist Investor Robbins Closing His Firm (The Wall Street Journal)
Activist investor Clifton S. Robbins is closing his firm, the latest high-profile veteran to exit the hedge-fund business. His motivation appears to be different from his rivals, however. Mr. Robbins, who manages $2 billion at Blue Harbour Group LP, will inform clients of his decision Friday morning, he says.
Hedge Fund Bears Odey and Clark Reap Millions from Market Crash (Bloomberg)
For two of London’s most bearish hedge fund managers, the fastest stock market correction ever has offered some long-awaited relief. Russell Clark’s Horseman Global Fund surged about 6% in the seven days to Feb. 26, while Crispin Odey’s flagship European money pool has gained around 5% in the past week, according to spokespeople for the two firms. They manage almost $1 billion across the two strategies.
Hedge Fund Nominates Broadcasting Executive Wert to Tegna’s Board (Reuters)
NEW YORK (Reuters) – Standard General has nominated a fifth director to Tegna Inc’s (TGNA.N) board one week after the broadcast company added a new director, the hedge fund said on Friday. Tegna and Standard General have been locked in an increasingly bitter proxy battle since the middle of January, when the hedge fund nominated four candidates to Tegna’s board. On Friday, the hedge fund nominated Lawrence Wert, a former Tribune Media Company executive with years of local television broadcasting experience.