Globe and Mail – San Francisco hedge fund ValueAct Capital Partners LP has more than doubled its stake in MDS Inc. in the past 60 days to hold 6.6 per cent of the health sciences conglomerate.
In a regulatory filing, ValueAct Capital Master Fund LP said it now owns nearly 9.5 million shares of Toronto-based MDS for investment purposes, including the acquisition of more than 5.3 million shares since early March at prices ranging from $18.06 (U.S.) to $20.56.
“They’re noisy and they’re not passive,” said Raymond James analyst Brian Bapty, referring to the hedge fund, which is known for purchasing large positions in undervalued companies and then taking an activist role in them.
ValueAct Capital, with $3.5-billion in assets under management, was created in 2000 and its managing partners include Jeffrey Ubben, Peter Kamin and George Hamel Jr.
It previously held 21 per cent of Martha Stewart Living Omnimedia Inc. and Mr. Ubben is best known for serving as the company’s chairman for 13 months during Ms. Stewart’s legal troubles several years ago.
