Herbalife was having another good day in the market at pixel time.
If that picture could be conveyed aurally, that first plunge in 2012 would be the sound of analyst jaws dropping as David Einhorn appeared on the Herbalife conference call to ask three innocentquestions… Read more
Bill Ackman is considering launching an IPO of a new fund to raise as much as $3bn in permanent capital for investments, the FT says. The activist investor, whose hedge fund Pershing Square has $10bn under management, laid out his desire for a reliable source of capital in a letter sent to investors on May 25. Finalternatives adds that the Ackman is currently in talks with investors about a closed-end permanent capital vehicle, although nothing has been finalized. The activist firm could list a fund by the end of this year, although an early 2012 listing is also possible. DealBook notes that so-called ‘sticky money’ or permanent capital has become a hedge fund obsession in recent years.
Bill Ackman cannot be pleased. Target’s shareholders on Thursday voted to re-elect its four incumbet directors, defeating the fiery hedge fund manager’s proxy contest to achieve five seats on the retailer’s board.
Ackman, whose Pershing Square Capital has a 7.8 per cent stake in Target, launched the proxy contest in March after Target rejected his proposal to spin off its land holdings into a REIT. Read more