{"id":4842,"date":"2006-08-08T00:00:00","date_gmt":"2006-08-08T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"hedge-fund-blocks-telent-offer","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2006\/hedge-fund-blocks-telent-offer.html","title":{"rendered":"Hedge Fund Blocks Telent Offer"},"content":{"rendered":"<div class=\"writeboardbody\">  HedgeCo.Net (New York) &#8211; The US activist hedge fund Polygon threatened to block a takeover of Telent, the rump of former industrial giant Marconi. The battle between Polygon and Fortress highlights  the issues with using CFDs in bid situations. CFDs allow investors to vote shares, even though they do not physically own the stock.  <\/p>\n<p>    Telent had agreed to a \u00c3\u201a\u00c2\u00a3346m takeover by Fortress Investment Group, but postponed a meeting with shareholders last month after Polygon said it would vote against the deal. Telent has not    convinced Polygon to support the merger or dilute its 24% stake.  <\/p>\n<p>    Although Polygon owns just 10% of Telent, it has a short position of 13.8% in the company. Polygon said this week that it intended to vote the entire 23.8% stake against the deal.  <\/p>\n<p>    The hedge fund believes that the takeover is being done on the cheap, as shares in Telent rose 8p to 492p on Friday morning, The hedge fund believes Telent\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s prospects are much better than are    being offered by Fortress.  <\/p>\n<p>    The hedge fund had a substantial shareholding even before Fortress\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s offer, and is working on the assumption that there is more value in the business over the long term. It has looked at ways to    unlock the \u00c3\u201a\u00c2\u00a3390m held in escrow to secure Telent\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s \u00c3\u201a\u00c2\u00a33bn pension fund, a legacy of the days when Marconi was an industrial giant.  <\/p>\n<\/div>\n<p>  Alex Akesson<br \/>  Contributing Writer<br \/>  HedgeCo.Net<br \/>  Email: Editor@hedgeco.net<\/p>\n<p>  HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!<\/p>\n<p>  <strong>Be sure to check out our sister sites. <a href=\"http:\/\/www.hedgefundlounge.com\/\">www.hedgefundlounge.com<\/a>, <a href=\"http:\/\/www.hedgefundtools.com\/\">www.hedgefundtools.com,<\/a><\/strong>  and <a href=\"http:\/\/www.hedgefundemployment.com\/\"><strong>www.hedgefundemployment.com.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HedgeCo.Net (New York) &#8211; The US activist hedge fund Polygon threatened to block a takeover of Telent, the rump of former industrial giant Marconi. The battle between Polygon and Fortress highlights the issues with using CFDs in bid situations. CFDs [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-4842","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=4842"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/4842\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=4842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=4842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=4842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}