Octavian Advisors LP said a clerical error prevented the $1 billion New York-based hedge fund from backing its own move last month to oust the supervisory board of German medical and electronics products maker Balda AG.
Octavian’s failure to vote its block of shares in its own resolution dealt a blow to the hedge fund’s bid to force Balda to sell its stake in Taiwan’s TPK Holding, a maker of touch screens for Apple Inc.
Octavian, which made a foray into shareholder activism late last year, believes Balda should sell its 16.1 percent stake in TPK as it’s a non-core business.
But, standing in the way of Octavian’s effort is Michael Chiang, Balda’s top shareholder. Chiang also owns about 25 percent of TPK.
Octavian has accused Chiang of conflict of interest, citing his stakes in both companies.
The hedge fund has argued that Balda’s current supervisory board protects the interests of Chiang and his 27.6 percent stake in the German company.
