In a new filing with the U.S. Securities and Exchange Commission, OZ Management, a hedge fund managed by Daniel S. Och, has disclosed that it no longer holds stake in Rockwood Holdings Inc. (NYSE:ROC) as a result of the company’s merger with Albemarle Corporation (NYSE:ALB). In its previous filing, the hedge fund disclosed ownership of 4.16 million Rockwood shares. Following the completion of their acquisition, Rockwood Holdings notified the New York Stock Exchange that each issued and outstanding share of the company was canceled. As a result, the fund no longer own 5% or more of the shares.
OZ Management is a New York City-based hedge fund, which was founded by Daniel S. Och in 1994. One of the largest institutional alternative asset managers in the world, the hedge fund uses a multi-strategy, multi-geography approach. Last month, OZ Management raised its holding in Qunar Cayman Islands Limited (NASDAQ:QUNR) by more than 4.55 million shares, bringing its stake to more than 6.0 million class B ordinary shares, representing 5.39% of the company. As of January 1, 2015, the fund had about $46.0 billion in assets under management.
At the end of the third quarter of 2014, OZ Management reported upping its stake in Rockwood Holdings Inc. (NYSE:ROC) to 4.16 million shares from 2.49 million shares it held earlier. At that time, the fund stated that it acquired shares of Rockwood Holdings for investment purposes and did not intend to pursue any changes at the company.
For the third quarter, the top three holdings of OZ Management consisted of Actavis plc (NYSE:ACT), AbbVie Inc (NYSE:ABBV), and Allergan Inc. (NYSE:AGN). The fund boosted its position in Actavis by over 50% to 4.83 million shares during the third quarter. OZ Management was also bullish on AbbVie, upping its stake to 15.33 million shares. Furthermore, the fund reported an increase to its position in Allergan to 3.89 million shares of the company.
Princeton, N.J.-based Rockwood Holdings Inc. (NYSE:ROC) is engaged in the development, manufacturing, and marketing of technologically advanced and high value-added specialty chemicals. Albemarle Corporation (NYSE:ALB), a Louisiana-based premier specialty chemicals company, acquired Rockwood Holdings pursuant to the terms of their agreement and plan of merger, dated as of July 15, 2014.
Under the terms of the merger agreement, Rockwood Holdings has become a wholly-owned subsidiary of Albemarle Corporation (NYSE:ALB), and each previously outstanding share of the company’s common stock has been converted into the right to receive $50.65 in cash, without interest, and 0.4803 of a newly issued share of Albemarle Corporation common stock. As a result of the completion of the transaction, Rockwood Holdings Inc. (NYSE:ROC) shares have ceased trading on the New York Stock Exchange.
Rockwood Holdings Inc. (NYSE:ROC) has a market cap of more than $5.0 billion. For the nine months ended September 30, 2014, the company reported net income from continuing operations of $110.2 million, or $1.50 per share, compared to $40.6 million, or $0.52 per share for the same period in 2013.
In October, Rockwood Holdings Inc. (NYSE:ROC) announced that it completed the sale of Titanium Dioxide Pigments and four other non-strategic businesses to Huntsman Corporation (NYSE: HUN), a global specialty chemical company. Rockwood sold the businesses for an enterprise value of $1.28 billion, including the assumption of $225 million in pension obligations, according to a news release.
Fir Tree, run by Jeffrey Tannenbaum, reported owning 2.45 million shares of Rockwood Holdings Inc. (NYSE:ROC), as of the end of the third quarter. Adage Capital Management, managed by Phill Gross and Robert Atchinson, upped its stake in the company more than 40% to 2.31 million shares during the third quarter. Another investor, Gates Capital Management, led by Jeffrey Gates, reported reducing its position in Rockwood Holdings to 1.89 million shares.
In December 2014, Kent J Masters, a director at Rockwood Holdings Inc. (NYSE:ROC), sold 7,878 shares of the company at $77.64 per share, bringing his stake down to 17,386 shares. Thomas Riordan, Executive Vice President and chief administrative officer at Rockwood Holdings, reported the sale of 46,985 shares at $79.09 per share during the first week for December 2014, cutting his ownership by more than half to 31,236 shares.
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