MarketWatch – Hedge funds are now major shareholders in Six Flags Inc., the theme-park operator at the center of a proxy battle late last year with Washington Redskins owner Daniel Snyder.
Highbridge, a $7 billion hedge-fund firm part owned by J.P. Morgan Chase (JPM:PKS9.85, +0.64, +6.9%) and almost $40 million worth of convertible bonds issued by the company, according to a Securities and Exchange Commission filing on Wednesday.
Jana Partners, a $4 billion hedge fund, disclosed a 7.4% stake in Six Flags stock in late December.
Snyder won a proxy contest to replace Six Flags Chief Executive Kieran Burke in November. The victory was notable because Snyder didn’t own a controlling stake in the firm.
The upset was a potent example of the recent increase in shareholder activism, which has been led by hedge funds such as Jana, Third Point, Pershing Square Capital Management and financier Carl Icahn. See full story.
Still, the hedge funds’ Six Flags stakes may not have been inspired by activist ideals.
