Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
Reuters – Adaptec Inc, target of a proxy war led by Warren Lichtenstein’s Steel Partners, said on Tuesday the activist hedge fund wants to gut the data storage technology company, shed assets and create an acquisition vehicle fueled by Adaptec’s stash of cash.
More than three weeks after Lichtenstein began soliciting shareholder votes to remove Adaptec’s chief executive and shrink the board to seven seats from nine, Adaptec’s board responded by questioning Steel’s motives and calling attention to Lichtenstein’s own setbacks of the past year.
Reuters Tokyo – Japanese equity fund Unison Capital said on Monday it has raised its planned offer for shares in wig maker Aderans Holdings by 20 percent to 1,200 yen per share.
Unsion Capital and Aderans are locked in a battle with U.S. hedge fund Steel Partners for shareholder votes at Aderans’ annual meeting scheduled for Thursday.
London Stock Exchange – Hedge funds that short stocks as part of their investment strategy should be forced to pay a levy to support research into the impact of the tactic on the markets, according to a new manifesto for the "fundamental reform" of corporate governance.
The document, published by corporate oversight and social responsibility consultancy PIRC, calls for the charge to be introduced alongside enhanced disclosure of listed companies’ pay and benefits, as well as binding shareholder votes on audit committee reports and remuneration policies.
Bizjourmals.com- The country’s largest proxy advisory company recommended the election of four of the five board members nominated by hedge funds engaged in a proxy contest with CSX Corp.
The Children’s Investment Fund Management LLP and 3G Capital Partners Ltd. have nominated five new members for CSX’s 12-member board.
The RiskMetrics Group, a proxy advisory company, withheld recommending Gary Wilson. It also recommended rejecting CSX’s proposal that would allow shareholders to call special meetings except on topics voted on within the last year. Because CSX elects board members at its annual shareholder meeting, that would bar special meetings to recall board members. RiskMetrics said the proposal would further entrench the board and isolate shareholders.
