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Hedge fund attacks Lion on Indophil sale plan

The Age- Plans by Melbourne-based Lion Selection to sell its stake in Indophil to Xstrata for $1 a share have come under attack from London hedge fund Carrousel Capital.

The move raises the prospect that Indophil can turn the tables on Lion, its 25.4% shareholder, with its scrip takeover bid for the group.

Carrousel holds more than 3% of Lion and said Xstrata’s bid for Indophil was sufficiently low-ball for it to vote against resolutions at Lion’s June 23 extraordinary meeting to seek shareholder approval to accept the Xstrata offer.

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