DIRS.INFO The most relevant business & tech news

Banks struggled to find demand from junk-bond investors for $2.4 billion of secured bonds and loans that is part of the debt package after a weeks-long marketing effort, the sources said. It showed the challenges banks face to sell down highly leveraged debt this quarter as bond yields spiked in response to a hawkish Fed policy and recessionary fears. The source would not say whether that would mean re-offering the debt to investors at even juicier terms. The end result is the banks involved are digging into their own pockets to provide the whole debt for the Tenneco acquisition which closed on Thursday. So it's almost like investors have seen this cycle occur that makes them question the outlook of something like Tenneco," he added.

☆ Hedge funds were busy trading Club holdings last quarter, regulatory filings show
▼ + stars: | 2022-11-15 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

What's more, Third Point added to its bet on Disney (DIS), owning 1.4 million shares as of Sept. 30, up 40% compared with its position on June 30. That valued the position at roughly $700,000 as of Sept. 30, which is quite small for a multi-billion dollar investment firm like Trian. In August, the firm had reported owning 14.34 million shares as of June 30. They are current as of the reporting date, which for this latest round of disclosures was Sept. 30. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Factbox: How Wall St and billionaires have donated to U.S. elections
▼ + stars: | 2022-11-08 | by ( John Mccrank | ) www.reuters.com time to read: +4 min

Prior to the U.S. Supreme Court's 2010 Citizens United ruling, which struck down limits on political contributions by corporations or unions, political contributions of billionaires made up around 3% of overall political contributions, she said. Griffin said in a statement: "I hope that my political engagement will help to protect the American Dream. * Crypto-billionaire Sam Bankman-Fried of FTX was the sixth-largest donor, at $39.8 million with the vast majority going to help Democrats. * Elliott Management founder Paul Singer spent $19.7 million to support Republicans, making him the 15th-largest donor. * Renaissance Technologies founder Jim Simons, together with Marilyn Simons, were the 20th-largest donors, spending nearly $16 million to help Democrats.

☆ Altria Looks Like a Smoker Struggling to Quit
▼ + stars: | 2022-11-08 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Die-hard smokers tend to look more aged than those who have cut back. The U.S. tobacco industry is about to see the corporate equivalent as cigarette alternatives spark competition between the two companies behind the Marlboro brand, Altria and Philip Morris International . PMI’s $16 billion takeover of Swedish Match looks set to go ahead. PMI needs 90% to delist Swedish Match and has given index funds and individual investors a further two weeks or so to tender their shares. All of the target’s main shareholders have cashed in, including activist hedge fund Elliott Management, which had built a stake of more than 10%.

☆ Elliott backs Philip Morris's $16 billion Swedish Match takeover -FT
▼ + stars: | 2022-11-06 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

(Reuters) -Activist investor Elliott Management Corp has decided to back Marlboro-maker Philip Morris International’s (PMI) $16 billion offer for Swedish Match AB, the Financial Times reported on Sunday. FILE PHOTO: Moist powder tobacco "snus" cans are seen on shelves at a Swedish Match store in Stockholm, Sweden October 24, 2018. U.S. investor Elliott, PMI and Swedish Match declined to comment. Elliott has been building its stake in Swedish Match for months, reaching more than 10% in October. Swedish Match controls about half the world’s market for snus - a moist, smoke-free snuff - but one of its fastest-growing products is its tobacco-free “ZYN” nicotine pouches.

☆ Philip Morris wins Elliott backing for $15.7 billion Swedish Match takeover -FT
▼ + stars: | 2022-11-06 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: Moist powder tobacco "snus" cans are seen on shelves at a Swedish Match store in Stockholm, Sweden October 24, 2018. REUTERS/Anna Ringstrom/File Photo(Reuters) - Activist investor Elliott Management Corp has decided to back Philip Morris International’s (PMI) $15.7 billion offer for Swedish Match AB, the Financial Times reported on Sunday, citing sources familiar with the matter. Under Swedish law, PMI needs 90% of shareholders to agree to the deal to gain full control of Swedish Match. PMI, Swedish Match and Elliottt declined to comment. ($1 = 10.8952 Swedish crowns)

☆ Philip Morris wins Elliott backing for $15.7 bln Swedish Match takeover -FT
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 (Reuters) - Activist investor Elliott Management Corp has decided to back Philip Morris International's (PMI) (PM.N) $15.7 billion offer for Swedish Match AB (SWMA.ST), the Financial Times reported on Sunday, citing sources familiar with the matter. PMI's offer had received more than 80% shareholder acceptance at the latest count on Friday and more could be processed on Monday, the FT reported. Under Swedish law, PMI needs 90% of shareholders to agree to the deal to gain full control of Swedish Match. PMI, Swedish Match and Elliottt declined to comment. ($1 = 10.8952 Swedish crowns)Reporting by Maria Ponnezhath in Bengaluru and and Marie Mannes in Gdansk Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

The deadline for shareholders to tender shares in support of the bid was 1600 GMT on Friday. Protean Funds had said previously it wanted to fight for Swedish Match and thought PMI's bid undervalued the company. It is still not known what activist investor Elliott Management, which owns over 10% in Swedish Match, has done. Under Swedish law, PMI needs 90% of shareholders to agree to the deal to get full control of Swedish Match. PMI bid lights up Swedish Match stock($1 = 10.9446 Swedish crowns)Reporting by Marie Mannes; Editing by Jane Merriman, Josephine Mason, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Hedge fund Elliott Management sees world on path to hyperinflation and worst crisis since WWII
▼ + stars: | 2022-11-03 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Elliott Management, one of the world's biggest hedge funds, issued a dire warning on the markets and the economy, saying the world could be headed toward its worst crisis since World War II. "[A]n extraordinary confluence of extremes and problems have made possible a set of outcomes that would be at or beyond the boundaries of the entire post-WWII period," Elliott said in its latest investor letter, obtained by CNBC. That vicious circle risks a long period of accelerating price pressures, Elliott, founded by billionaire Paul Elliott Singer, said. "The world is on the path to hyperinflation, which is the direct route to global societal collapse and civil or international strife. The move continued the most aggressive pace of monetary policy tightening since the early 1980s, the last time inflation ran this high.

☆ US stocks continue to fall as investors digest hawkish Fed outlook while jobs report looms
▼ + stars: | 2022-11-03 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

US stocks extended losses Thursday as investors remained worried over a hawkish Fed. Investors are also looking ahead to the Labor Department's monthly payroll report coming out early Friday. "Indicating that the Fed expects to extend its horizon for continuing to raise interest rates, Powell warns that the long slog will continue," said David Donabedian, chief investment officer at CIBC Private Wealth. "Powell threw a wet blanket on investors hoping that the Fed would transition to the final phase of the tightening process. " The world could face the worst financial crisis since World War II as hyperinflation looms, hedge fund Elliott Management said.

The back half of the earnings season gets underway this week, with key companies across different sectors set to report. FactSet data shows that slightly more than 70% of the S & P 500 that have reported earnings have beaten earnings expectations. Tuesday Advanced Micro Devices is set to report earnings after the bell, followed by a conference call at 5 p.m. Wednesday Yum Brands is set to report earnings before the bell, with management holding a call at 8:15 a.m. EBay is set to report earnings after the bell, followed by a call at 5 p.m.

☆ Philip Morris Needs to Keep Swedish Match Deal Alight
▼ + stars: | 2022-10-29 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

A Swedish Match store in Stockholm. Activist investor Elliott Management recently raised its stake in the company, complicating a deal with Philip Morris International. Friday was eventful for the $16 billion deal poised to reshape the U.S. tobacco industry. Poor results from the takeover target Swedish Match and maneuvering by activist investor Elliott Management probably still aren’t enough to deter Philip Morris International from chasing its smokeless future.

Weber , which went public in August 2021 and is trading at half its offering price, is the latest example of a recent IPO to attract a bid to go private. Recent IPOs ducking for the door First, to understand why we selected these criteria, let's look at the recent deals. Kennedy Lewis' $4 per share cash offer was an 83% premium to F45's closing price ahead of the deal announcement, even though it was far below the stock's $16 IPO price. Even with the lift from the deal news, shares are only trading at less than half its $14 IPO price. Private equity company AEA Investors had a 28.4% stake in the company, and CEO Jeremy Andrus owns an 11% stake, according to FactSet.

☆ EXCLUSIVE Philip Morris to get EU nod for Swedish Match with asset sale -sources
▼ + stars: | 2022-10-24 | by ( Foo Yun Chee | Tatiana Bautzer | ) www.reuters.com time to read: +1 min

Philip Morris and Swedish Match also declined to comment. Philip Morris last week hiked its offer for Swedish Match in an effort to win over shareholders waiting for a sweetened bid. Hedge funds, including Elliott Management Corp, have built up their stakes in Swedish Match in hopes of a higher bid. Under Swedish law, 90% of Swedish Match shareholders need to approve the offer before Nov. 4. Philip Morris is sticking to this acceptance rate.

☆ Philip Morris Has a Plan B for America, but It Isn’t Ideal
▼ + stars: | 2022-10-20 | by ( Carol Ryan | ) www.wsj.com time to read: +1 min

Buying back the distribution rights will give PMI full control over the rollout of its IQOS heated tobacco sticks in the lucrative U.S. market. Cigarette giant Philip Morris International has a backup if plans to buy Swedish Match don’t work out. A 9.4% bump to what it offered in May brings the takeover premium to 52.5%. The higher price won’t cost the cigarette company more in dollar terms as the krona has fallen in value against the greenback since the first approach was made. PMI said it won’t raise the offer again and Swedish Match shares now trade at 112.5 Swedish kronor, slightly below the improved bid.

Philip Morris (PM.N) increased its bid by more than 9% to 116 Swedish crowns per share and said that the offer was its "best and final price". Philip Morris made an all-cash offer of 106 crowns per share for Stockholm-based Swedish Match in May. By Swedish law, 90% of Swedish Match shareholders need to approve the offer before Nov.4. Pontus Dackmo, CEO of Protean Funds who has 500,000 shares in Swedish Match, said he was still not impressed by the sweetened offer from Philip Morris. The company had earlier said it was expecting EU antitrust approval for its Swedish Match bid in late October.

☆ Philip Morris to Raise Offer for Swedish Match and Buy U.S. Rights for IQOS
▼ + stars: | 2022-10-20 | by ( Jennifer Maloney | Ben Dummett | ) www.wsj.com time to read: 1 min

Marlboro maker Philip Morris has been under pressure from Elliott Management and other investors to sweeten its bid for Swedish Match. Philip Morris International plans to raise its offer for Swedish Match AB and has agreed to pay $2.7 billion to regain the U.S. rights for its IQOS heated tobacco products from Altria Group Inc., according to people familiar with the matter. Philip Morris’s original offer for Swedish Match in May was 161.2 billion Swedish Krona, which was then equivalent to $16 billion. The new offer is expected to be announced as soon as Thursday, the people said.

☆ Altria gets $2.7 bln from Philip Morris for IQOS U.S. sales rights
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

Altria in a statement said it has already received $1.0 billion from PMI and will receive the remainder by July 2023. Philip Morris, which was spun off from Altria in 2008, did not respond to a request for comment outside of business hours. The company will report its quarterly earnings results on Thursday, whereas Altria will report its earnings on Oct. 27. Separately, Philip Morris plans to raise its $16 billion offer for Swedish Match AB (SWMA.ST), the Wall Street Journal reported on Wednesday citing people familiar with the matter. Activist investor Elliott Management, which raised its stake in Swedish Match last month, plans to oppose the bid under its current terms along with some other investors.

☆ EXCLUSIVE Hedge fund Irenic asks Capricorn Energy to ditch NewMed deal
▼ + stars: | 2022-10-19 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

The company's stock price closed up 0.25% at 244.60 penceThe NewMed transaction would result in Capricorn being paid a $620 million special dividend. It would also leave them with a 10.3% stake in the combined company, with NewMed shareholders owning 89.7%. A liquidation could value Capricorn's assets at 350 pence per share, versus the 254 pence-per-share valuation in the NewMed deal, according to Irenic. "The company has yet to present shareholders with any proposal that represents superior value relative to the straightforward liquidation value we have assessed," Irenic wrote in the letter. Prior to agreeing on a sale to NewMed, Capricorn scrapped plans to merge with Tullow Oil Plc (TLW.L) in a deal that would have valued Capricorn shares at 210 pence and would have given Capricorn investors 47% of the new entity.

☆ Banks close painful Citrix debt chapter with $700 mln loss -source
▼ + stars: | 2022-09-21 | by ( Abigail Summerville | Matt Tracy | ) www.reuters.com time to read: +3 min

Citrix Systems logo is seen on smartphone placed on U.S. While the syndication was completed successfully, it was done at a steep discount to the levels that the banks underwrote the debt. It was also buoyed by one of Citrix's acquirers, hedge fund Elliott Management, helping out by buying $1 billion in bonds, a second source said. They also sold a $4 billion three-year Citrix bond for 83.6 cents on the dollar, resulting in a higher than expected yield of 10%, the sources added. More debt syndication pain for the banks is on the way.

☆ $57 billion Millennium just tapped a Goldman Sachs alum to build out its Miami tech hub as the battle for talent in the Sunshine State heats up
▼ + stars: | 2022-09-21 | by ( Alyson Velati | ) www.businessinsider.com time to read: +4 min

Millennium Management has tapped Olga Naumovich to lead its technology team in Miami. The war for local investing and tech talent is heating up as more hedge funds move South. Izzy Englander's $57 billion Millennium Management has tapped Olga Naumovich to lead its technology build-out in Miami, a source familiar with the hedge fund's plans told Insider. "I can see how there would be an increased demand for tech talent as firms start to run their footprint there." "Needless to say, the market for technology talent is intensely competitive at this time," Englander said.

La moment, AC Milan se află în proprietatea americanilor de al Elliott Management. AC Milam are un sezon extraordinar,astfel situându-se pe locul doi din Serie A.Alexandr Jucov, afirmă că a făcut deja o ofertă pentru preluarea clubului AC Milan și ar fi dispus chiar să o mărească, având în vedere valoarea de piață a „colosului” italian. „Dorim să atragem atenția asupra informației recente cu privire la oferta noastră pentru achiziționarea clubului AC Milan și confirmăm că oferta noastră este reală și se află pe masa celor de la Elliot Management, pentru a fi luată în considerare. Suntem chiar pregătiți să creștem oferta, având în vedere valoarea comercială a clubului AC Milan”, se arată în mesajul postat de miliardarul moldavean. Alexandr Jucov în vârstă de 51 de ani, conduce o companie ce se bazează pe cercetarea și dezvoltarea de noi tehnologii în energia regenerabilă, mobilitate sustenabilă, logistică și proiecte de infrastructură.

Persons: Alexandr Jucov, Elliot Organizations: AC Milan, Management, AC Milam, A, Elliot Management Locations: Chișinău

Search resuls for: "Elliott Management"

22 mentions found