Activist Investor ValueAct Has $612 Million Stake in Japan’s Olympus (Reuters)
TOKYO (Reuters) – U.S. hedge fund ValueAct Capital has become a major shareholder in Japanese medical equipment and camera maker Olympus Corp (7733.T) with a 5.04 percent stake that is worth around $612 million at current shares prices. The stake hike comes at a time when activist investment is gaining momentum in Japan, with Prime Minister Shinzo Abe advocating shareholders raise issues and have constructive dialogue with firms to strengthen corporate governance. ValueAct said in a regulatory filing on Thursday that it was buying the Olympus shares as an investment, saying it would give company management advice or make important proposals depending on circumstances.
Tepper’s $2.3 Billion NFL Purchase Comes With a ‘Wacky’ Tax Perk (Bloomberg)
As David Tepper can attest, buying a professional sports team is getting expensive. The hedge fund titan paid $2.3 billion to become the new owner of the Carolina Panthers, a record price for a National Football League franchise. Ownership has its privileges, though. You get to hang out with the league’s best athletes. Everyone wants to be your friend when the season rolls around. And then there’s the tax perks.
‘Tiger Cub’ Tycoon Rob Citrone Sinks Teeth into Micron (MU), Spits Out Advanced Micro Devices (AMD) (SmarterAnalyst)
Rob Citrone’s mentor, legendary Julian Robertson trailblazed the present hedge fund industry with his firm Tiger Management back in 1980. Robertson’s protegees have earned the nickname “Tiger Cubs,” founding hedge fund firms that would go on to take Wall Street by storm- including Rob Citrone. This “Tiger Cub” has amassed a monster $1.11 billion to his name as of last April, and now owns a cut of the Pittsburgh Steelers, thanks to his own savvy hedge fund moves. Nearly two full decades after Tiger Management’s first days, Citrone went on to found his own hedge fund firm Discovery Capital Management – a firm that prioritizes emerging markets. In the first quarter, Citrone led Discovery Capital to take a new bet on Micron Technology, Inc. (NASDAQ:MU) while cutting close to a third of the firm’s holding in Advanced Micro Devices, Inc. (NASDAQ:AMD).
Cars.com Shares Leap After Report the Company Hired JP Morgan to Explore a Potential Sale (CNBC)
Shares of Cars.com jumped 8.8 percent Wednesday after a report the online car retailer hired J.P. Morgan to explore a possible sale. Shares rose 1 percent in after-hours trading. The New York Post reported Wednesday afternoon, citing a source, that Cars.com has hired J.P. Morgan to explore strategic options that include a potential sale of the company. The source said a sale looks likely, at possibly $40 a share. Cars.com has a $1.9 billion market value and closed at $26.59 a share Wednesday, down 7.8 percent for the year. In March, the company said its board would add two directors supported by activist investor Starboard Value. Starboard is the second-largest investor in Cars.com and had a 9.4 percent stake in outstanding shares as of March 31, according to FactSet.