Veritas Capital, Elliott to Buy Athenahealth for $5.7 Billion (Reuters)
(Reuters) – Private equity firm Veritas Capital and hedge fund Elliott Management are buying Athenahealth Inc (ATHN.O) for about $5.7 billion, the U.S. healthcare software maker said on Monday. The all-cash deal values Athenahealth at $135 per share, representing a premium of 12.2 percent to the stock’s closing price on Friday. Reuters reported on Sunday that Athenahealth had agreed to a takeover. Athenahealth had been under pressure from Elliott to sell itself since the hedge fund acquired a stake in the company last year. In May Elliott made an unsolicited offer of $160 per share to buy Athenahealth.
Dorsal Capital Launches New Hedge Fund (InstitutionalInvestor.com)
A hedge fund firm founded by a former SAC Capital portfolio manager has launched a new fund, according to regulatory filings. Dorsal Capital Management trotted out the Dorsal Special Opportunities Fund and an offshore version, according to the filings. The funds began trading on November 1. So far, however, the funds are not available to outside investors. No marketing materials are available, and no roadshow is planned at this point, according to a person with knowledge of the situation.
Ray Dalio Says ‘Capitalism Not Working’ for Most People (FNLondon.com)
Billionaire hedge fund founder Ray Dalio may not be the first person you would think of as a crusader against capitalism. But at the Summit conference in Los Angeles last week, he questioned the current US economic system. “Capitalism is basically not working for the majority of people,” he said. Dalio has a net worth estimated at $18bn, according to Forbes, largely gained from building and running Bridgewater Associates, the largest and — by some metrics — most successful hedge fund in the world. His critique is all the more noteworthy, coming from one of the system’s biggest winners.
UK Hedge Fund Marshall Wace Ramps up Ireland Operations Ahead of Brexit (Verdict.co.uk)
Marshall Wace, a London-based hedge fund, is set to expand its operations in Ireland as part of its contingency planning for Brexit, reported The Financial Times. The firm secured licenses from the Irish central bank to operate UCITS and AIFM management companies in Ireland. The move will enable the firm to sell retail and alternative investment products across the European Union following the departure of Britain from the bloc in 2019. The company did not reveal specific details about the increase in its Irish business, though such a move requires rise in headcount, the report said.