Thomson Financial- Hedge funds have acquired about 25 pct of OMX AB ahead of an expected takeover battle for the Nordic market operator between Nasdaq and Borse Dubai, the Financial Times reported.
The funds’ presence paves the way for a clash between OMX’s long-term shareholders and management and financial investors who want to get the highest price possible in the shortest period, the FT said.
Borse Dubai has bought a 4.9 pct stake in OMX with options for a further 22.5 pct at 230 skr a share, trumping an agreed deal with Nasdaq, which has offered 208 per share.
The expected takeover battle promises to pit Investor, the holding company of the Wallenberg family, and OMX’s management against a range of global hedge fund managers.
Investor owns 10.7 pct of OMX and has backed Nasdaq’s bid, as has OMX’s management. The Swedish government, which holds 6.6 pct of OMX, has not expressed a view but has said price is not the only issue involved.
The FT said it is understood the hedge funds have acquired 32 mln OMX shares – mainly from Swedish institutional investors – at an average price of about 212 skr. OMX has 120 mln shares in issue. Most of these purchases were made after Nasdaq launched its bid.
