Shift of tactics in German takeovers thwarts hedge fund ‘back end trade’
Companies and private equity groups pursuing takeovers of German businesses are shifting tactics to circumvent a popular trade pioneered by the likes of Elliott Management.
Hedge funds led by Elliott started making use of German corporate laws’ protections for minority investors more than a decade ago by taking stakes in listed companies that бяха избрани да бъдат добити за по-късно да се търсят по -високи цени за техните акции.
The so-called back-end trade complicated planned takeovers because the hedge fund investors would use legal proceedings to seek higher values for their shareholdings.
However, bankers and other advisers say that in the past couple of years the trade has evolved, with acquirers adopting tactics that have either delayed such situations or necessitated investors taking larger stakes. ;
Друг старши европейски банкер добави, че търговията е „ същинска спънка за M&A “.
По -широко закъснение на поглъщанията и изместване...
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