Fir Tree, founded by Jeffrey Tannenbaum, has reported the acquisition of 7.22 million shares of Tivo Inc (NASDAQ:TIVO) through a Form 13D filing with the SEC, which account for 7.2% of the company’s outstanding stock. The acquisition represents a new addition to Fir Tree’s portfolio, and while the filing was made via a Form 13D, the fund has claimed to have bought the shares only for investment purposes, which makes sense as the stock is now a merger-arb play.
Tivo is a company that provides professional video technology software services and cloud-based software-as-a-service solutions. At the end of April, it was announced that the company will be acquired by Rovi Corporation for around $1.1 billion or $10.70 per share. The acquisition is expected to be completed during the current quarter, upon the approval of both companies’ shareholders. Over the past 12 months, Tivo’s stock has gained 24.52%.
As per our hedge fund database, 25 investors were long Tivo Inc (NASDAQ:TIVO) at the end of June, down from 29 at the end of March. Some of the bullish smart money managers of the stock were John Orrico’s Water Island Capital, with a position valued at $62.03 million, Jim Simons’ Renaissance Technologies, which held a $26.6 million position, Mario Gabelli’s GAMCO Investors, Charles Frumberg’s Emancipation Capital, and Gavin Saitowitz and Cisco J. Del Valle’s Springbok Capital.
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Some of the investors who lost enthusiasm for investing in Tivo Inc (NASDAQ:TIVO) during the second quarter and decided to dump their positions were Chuck Royce’s Royce & Associates, which said goodbye to a Tivo holding valued at $4.10 million on March 31, Carl Tiedemann and Michael Tiedemann’s TIG Advisors, which dropped a $1.50 million position, Matthew Tewksbury’s Stevens Capital Management, Wojciech Uzdelewicz’s Espalier Global Management, and Jacob Gottlieb’s Visium Asset Management.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Fir Tree Inc||0||7,217,383||0||7,217,383||7,217,383||7.2%|
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Page 1 of 8 – SEC Filing
|SECURITIES AND EXCHANGE COMMISSION|
|Washington, D.C. 20549|
|Under the Securities Exchange Act of 1934|
|(Amendment No. __)*|
|(Name of Issuer)|
|(Title of Class of Securities)|
Fifth Avenue, 23rd Floor
York, NY 10017
|Marc Weingarten, Esq.|
|Eleazer Klein, Esq.|
|Schulte Roth & Zabel LLP|
|919 Third Avenue|
|New York, NY 10022|
|(Name, Address and Telephone Number of Person|
|Authorized to Receive Notices and Communications)|
|(Date of Event Which Requires Filing of This Statement)|
If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule
13d-1(f) or Rule 13d-1(g), check the following box. [ ]
(Page 1 of 8 Pages)
* The remainder of this cover page shall be filled out for a reporting
person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or
otherwise subject to the liabilities of that section of the Act but shall
be subject to all other provisions of the Act (however, see the Notes).