Activist US hedge fund Elliott Associates has upped its stake in F&C to 11% ahead of the asset manager's planned £708m takeover by Canada's BMO.
On a day in which it also declared a 10% stake in Alliance Trust, a stock exchange filing yesterday revealed Elliott now holds derivatives equivalent to 63.8m shares in F&C. Elliott first appeared on the F&C shareholder register last month, shortly after the asset manager said it would recommend to shareholders a £708m acquisition by Bank of Montreal Group. As Investment Week reported in January, it is understood the hedge fund may use its stake to campaign for an improved offer for F&C from either BMO or a third party. Elliott's 11% position means it is now the second largest shar...
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