Alden Launches $142 Million Bid for Publisher Lee Enterprises (Bloomberg)
Alden Global Capital, the hedge fund that owns the Chicago Tribune and New York Daily News, offered to buy Lee Enterprises Inc. for about $142 million, seeking a larger share of the struggling newspaper business. In a letter to Lee’s board, Alden offered $24 a share in cash for the chain, which owns dozens of publications including the St. Louis Post-Dispatch. That’s a 30% premium over Lee’s closing price on Nov. 19.
Hedge Funds Caught Up With Private Equity In Inflows Amid Rising Investor Satisfaction (Forbes)
It’s no secret that hedge funds have faced challenges since the Global Financial Crisis. Most funds struggled to generate alpha against their benchmarks, and investor outflows were staggering in some quarters. However, the pandemic appears to have changed this view, as more investors have seen improved value in their hedge fund holdings.
H&F, Bain Capital Tap into Health Tech Boom with $17 bln Athenahealth Deal (Reuters)
Nov 22 (Reuters) – Private-equity firms Hellman & Friedman LLC and Bain Capital on Monday agreed to buy Athenahealth for $17 billion, the latest sign of rising interest in companies powering the healthcare sector’s shift to the cloud. Privately held Athenahealth offers software that can help organize patient visits, document patient records and simplify payments. It competes with the likes of Cerner Corp (CERN.O).
Photo by Austin Distel on Unsplash
Brummer & Partners Hires Henrik Nyblom (Hedge Nordic)
Stockholm (HedgeNordic) – Just days after Brummer & Partners-backed Frost Asset Management announced the closure of its Scandinavian-focused fixed-income relative value fund, Brummer & Partners announces the recruitment of technology-focused portfolio manager Henrik Nyblom. Nyblom, portfolio manager of Swedbank Robur Ny Teknik – one of Europe’s largest tech funds with about SEK 43 billion under management, will run a dedicated investment mandate initially solely available for investors in Brummer Multi-Strategy (BMS).
Activist Shorts Get Stuck into SPACs (Hedge Week)
There have been 35 activist short campaigns against SPACs that completed mergers since the beginning of 2020, according to new research from Insightia. The data highlights that shorts are the leading cause of grief for SPACs, a financial innovation that has taken off in the past two years. Eight activist short sellers have targeted more than one de-SPACed company, and at least one short seller has targeted a pre-merger SPAC, taking advantage of enthusiasm from retail investors sending the stock soaring. In contrast, no SPACs have been targeted by a long activist campaign. Experts cite market dynamics and takeover defences as the likely reason for this, while many activists have also launched their own SPACs.
$730M Loan Bundle Funds Slew of NYC Projects (The Real Deal)
A Ladder Capital subsidiary will oversee the sale of $730 million in collateralized loan obligations, some of which will help fund three midsized development projects in the city. Of those, $55 million will go to billionaire hedge funder Robert Mercer’s industrial project in Ridgewood, Queens, which he owns with his son-in-law George Wells and Ryder Washburn, a prop-gun supplier to film and television productions.
Crypto Startup MoonPay Valued at $3.4 bln After Latest Funding Round (Reuters)
Nov 22 (Reuters) – Cryptocurrency startup MoonPay has raised fresh capital from investors led by Tiger Global Management and hedge fund Coatue at a valuation of $3.4 billion, becoming the latest venture to capitalize on sky-high investor demand for rapidly growing companies in the sector. The company said on Monday it had raised $555 million in a Series A funding round that also saw participation from Blossom Capital, Thrive Capital, Paradigm and NEA.
Alt Fund Managers Reveal Investment Plans for 2022: EY Survey (Think Advisor)
The alternative funds industry has deftly navigated pandemic-related disruption and uncertainties, and firms are now considering issues that will transform the sector for years to come, according to a survey released Monday by EY. The research demonstrates the alternative industry’s resilience and the key transformations managers and investors are partnering to bring about, Natalie Deak Jaros, co-leader of EY Global Hedge Fund and assurance leader at Americas Wealth & Asset Management, said in a statement.
Friday 11/19 Insider Buying Report: RIVN, UEPS (Nasdaq.com)
On Monday, Rivian Automotive’s Director, Sanford Harold Schwartz, made a $663,000 purchase of RIVN, buying 8,500 shares at a cost of $78.00 each. Schwartz was up about 79.4% on the buy at the high point of today’s trading session, with RIVN trading as high as $139.90 at last check today. Rivian Automotive is trading up about 9.1% on the day Friday. This buy marks the first one filed by Schwartz in the past year. And at Net 1 UEPS Technologies, there was insider buying on Tuesday, by Group Chief Executive Officer Christopher G.B. Meyer who bought 104,520 shares at a cost of $5.62 each, for a total investment of $587,402. Before this latest buy, Meyer purchased UEPS on 2 other occasions during the past year, for a total cost of $71,243 at an average of $5.59 per share. Net 1 UEPS Technologies is trading down about 2.3% on the day Friday. Bargain hunters are able to pick up UEPS even cheaper than Meyer did, with shares trading as low as $4.99 at last check today — that’s 11.2% under Meyer’s purchase price.
The Chairman & Chief Executive Officer of Seabridge Gold (NYSE: SA) is Selling Shares (Analyst Ratings)
Yesterday, the Chairman & Chief Executive Officer of Seabridge Gold (SA), Rudi P Fronk, sold shares of SA for $2.03M. In addition to Rudi P Fronk, 2 other SA executives reported Sell trades in the last month. The company has a one-year high of $22.86 and a one-year low of $14.92. SA’s market cap is $1.57 billion and the company has a P/E ratio of -330.90. Currently, Seabridge Gold has an average volume of 261.05K.
Odonate Therapeutics Insider Sold Over $2.5M In Company Stock (Benzinga)
Aaron I Davis, Insider at Odonate Therapeutics (NASDAQ:ODT), made a large insider sell on November 19, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Friday showed that Davis sold 1,200,000 shares of Odonate Therapeutics at prices ranging from $1.84 to $2.23. The total transaction amounted to $2,499,948. Following the transaction, Davis still owns 4,607,086 shares of Odonate Therapeutics worth $7,832,046.00.
