Glenn J. Krevlin‘s Glenhill Advisors has dumped most of its stake in Lionbridge Technologies Inc (NASDAQ:LIOX). According to a recently amended filing with the Securities and Exchange Commission, the fund currently holds 673,929 shares of the stock, down from 8.39 million shares reported in its 13F filing for the September 30 reporting period. As a result, Glenhill owns just 1.1% of Lionbridge’s common stock.
A provider of business support services, Lionbridge Technologies Inc (NASDAQ:LIOX) has agreed to be taken over by private-equity firm H.I.G Capital, in a deal worth $360 million or $5.75 per share, so it’s not surprising to see some funds sell out of the stock ahead of the completion of that deal. Lionbridge CEO and founder Rory Cowan welcomes the change, stating that private equity is a “far more efficient capital partner than public markets.” Immediately after the announcement, several law firms initiated investigations into the deal. Question marks were raised with regard to the Board’s decision to accept the offer that will see shareholders get $5.75 per share under the terms of the deal, while at least one analyst had set a price target of $7 per share on the stock.
Hedge fund sentiment towards Lionbridge Technologies Inc (NASDAQ:LIOX) was unchanged during the third quarter of last year. At the end of September, the stock could be found in the portfolios of 17 of the funds followed by Insider Monkey, which amassed 23.6% of the company’s outstanding stock. Glen Capital Partners, run by Gregory Summe, held a major position in the equity, owning 3.65 million shares at the end of the third quarter. Jim Simons‘ Renaissance Technologies reduced its holding in the stock by 15% during the quarter, ending the period with 494,900 shares.
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You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Glenhill Advisors | 673,929 | 0 | 673,929 | 0 | 673,929 | 1.1% |
| Glenn J. Krevlin | 673,929 | 0 | 673,929 | 0 | 673,929 | 1.1% |
| Glenhill Capital Advisors | 0 | 673,929 | 0 | 673,929 | 673,929 | 1.1% |
| Glenhill Capital Management | 0 | 673,929 | 0 | 673,929 | 673,929 | 1.1% |
| Glenhill Capital Overseas Master Fund | 0 | 0 | 0 | 0 | 0 | 0% |
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Page 1 of 10 – SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G/A
Under
the Securities Exchange Act of 1934
(Amendment No. 13)*
Lionbridge Technologies, Inc.
(Name of Issuer)
Common
Stock
(Title of Class of Securities)
536252109
(CUSIP Number)
January 5, 2017
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to
designate the rule pursuant to which this Schedule is filed:
☐ Rule 13d-1(b)
☒ Rule 13d-1(c)
☐
Rule 13d-1(d)
| * | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. |
The information required in the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).
