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Chicago hedge fund buys 5.7 percent stake in ADC

Bizjournals.com – Citadel Investment Group, a Chicago-based hedge fund, has spent $33 million to buy a 5.7 percent stake in ADC Telecommunications Inc.

The deal makes Citadel the second-largest holder of Eden Prairie-based ADC’s stock and sent the company’s shares up 4 percent Friday.

Lord Abbett & Co. remains ADC’s largest institutional shareholder, with a 9.52 percent stake. Oppenheimer Funds Inc. is the third-largest holder, with a 4.3 percent share of the company’s stock.

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