Canon extends Axis offer period, says will not sweeten bid (Reuters)
Canon Inc said it was extending the offer period for its proposed $2.7 billion takeover of Swedish video-surveillance firm Axis AB after falling short of its ownership goals, but stressed it would not be raising its bid. Seeking to expand in the fast-growing surveillance camera business amid flagging sales of digital cameras, Canon is set to secure a holding of 76 percent after its earlier acceptance period expired, but it is aiming to take full control. U.S. hedge fund Elliott Management complicated the bid after it raised its stake in Axis to 10.01 percent, effectively ruling out a standard squeeze-out procedure in which Canon, once it owns more than 90 percent, can forcibly acquire the rest.
Argentina Sues Citibank Seeking to Undo Holdout Creditor Accord (Bloomberg)
Argentina said it is suing Citibank Argentina SA in local courts for reaching an accord with holdout creditors that the government says is illegal. Argentina is seeking to nullify an accord between Citigroup Inc.’s local unit and hedge fund NML Capital, which was approved by U.S. District Court Judge Thomas Griesa, that allows the bank to make two bond payments while it exits its role as a securities custodian in the country.
Hedge Fund Silver Ridge Delays Launch Amid FCA Inquiry (Wall Street Journal)
The launch of a hedge fund by the former head of foreign exchange at Citigroup Inc. has been delayed because of an inquiry by the U.K. Financial Conduct Authority, according to one of the founders of the fund. Silver Ridge Asset Management, a macro hedge fund set up by Anil Prasad, head of Citigroup’s currencies business until 2014, and Farhang Mehregani, a former equity trader at the bank, was due to start trading in early April with initial capital of several hundred million dollars. But in light of the inquiry, the founders have told investors that they have put the launch on hold for at least a few months, according to a person familiar with the matter.
More Equities Team Changes at UBS (CNBC)
UBS has new leaders in its equities business—again. Chris Leone and Dushyant Chadha have been promoted to be Americas co-heads of equities, according to an internal memorandum sent Tuesday afternoon by global equities co-heads Robert Karofsky and Roger Naylor. The pair replace Paul Galietto, who is leaving the bank. A spokesman for Switzerland-based UBS confirmed the contents of the memo but declined further comment. Galietto did not respond to a CNBC email seeking comment.
Investors Pull Out $4 Bln From Hedge Funds Amid Lackluster Returns (CNBC)
Wealthy investors protested the hedge fund industry’s recent lackluster returns and high fees by pulling a net $4 billion out of the $2.5 trillion industry during the first two months of 2015, data released on Tuesday show. The number contrasts with the heady days of 2014 when investors added $31.6 billion of new money in January and February, research firms BarclayHedge and TrimTabs Investment Research said.
