{"id":4830,"date":"2006-08-04T00:00:00","date_gmt":"2006-08-04T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-fund-votes-against-telent-sale","status":"publish","type":"post","link":"https:\/\/www.hedgeco.net\/news\/08\/2006\/hedge-fund-votes-against-telent-sale.html","title":{"rendered":"Hedge fund votes against Telent sale"},"content":{"rendered":"<p>  The agreed acquisition of <strong><a href=  \"http:\/\/mwprices.ft.com\/custom\/ft2-com\/html-quotechartnews.asp?FTSite=FTCOM&amp;q=TLNT&amp;searchtype&amp;expanded=&amp;countrycode=uk&amp;s2=uk&amp;symb=TLNT&amp;company=NEW\">Telent<\/a><\/strong>,  the rump of Marconi, the telecoms equipment company, fell apart on Friday after the hedge fund that is the company\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s biggest shareholder voted it down.<\/p>\n<p>  Polygon, the activist hedge fund that holds 23.9 per cent of Telent\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s equity, angered Telent\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s management, other shareholders and Fortress Investment Group, the US private equity firm, which had  offered to pay \u00c3\u201a\u00c2\u00a3346m for the telecoms services company.<\/p>\n<div class=\"ad-placeholder ad-mpusky\">\n<p>  \u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009dThis deal\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s dead. There\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s no other deal to replace it,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d said John Devaney, chairman of Telent.<\/p>\n<p>  The wrangle in the run-up to the vote raised questions over the use of derivatives during takeovers, the utility of the Takeover Code and the nascent secondary market for mature occupational  pension funds.<\/p>\n<p>  The extraordinary meeting on Friday held the prospect of high drama. Polygon had already cast its proxy vote against the takeover on Wednesday night but<\/p>\n<p>  <a href=\"http:\/\/news.google.com\/news\/url?sa=T&amp;ct=us\/5-0&amp;fd=R&amp;url=http:\/\/www.ft.com\/cms\/s\/bc18ac40-23a2-11db-ae89-0000779e2340.html&amp;cid=0&amp;ei=eTPTRNLHOIeSogLn9uTWBQ\"><strong>Read  Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The agreed acquisition of Telent, the rump of Marconi, the telecoms equipment company, fell apart on Friday after the hedge fund that is the company\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s biggest shareholder voted it down. Polygon, the activist hedge fund that holds 23.9 per cent [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4830","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4830"}],"version-history":[{"count":0,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4830\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}