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Friday, October 21, 2016 9:04:28 AM
Billionaire is GE to cross over German company
Miljardair ligt GE dwars bij overname Duits bedrijf
With Google translate:
Billionaire is GE to cross over German company
The US industrial conglomerate GE is thwarted by a billionaire in the acquisition of the German SLM Solutions, a maker of 3D printers.
It's about Paul Singer, founder of hedge fund Elliott Management Corp, that more than 20% of the shares in SLM. Elliott had a stake in the German company, but built the interest further after GE early September a bid for the maker of 3D printers.
Paul Singer, founder of hedge fund Elliott Management Corp. (Photo: Reuters)
Meanwhile, Elliott is the third largest shareholder in the company. GE offers € 38 per share SLM, a premium of 37% over the share price before the bid. This represents a purchase price for all shares totaling € 684 million.
"Elliott believes that the GE bid is not in the interest of the shareholders of SLM," said the hedge fund in a statement Thursday. Paul Singer is planning to vote against the bid. The share is quoted € 19.54 above the bid, suggesting that the market assumes a higher bid. GE has no press statement about the resistance brought out against the bid.
GE made in the press release in early September also known to want to take over the Swedish Arcam. Remarkably, Paul Singer of Elliott also a shareholder of Arcam. The hedge fund had to GE's offer a stake of more than 5%, but also acquire a larger stake here. Elliott now has over 10% of the shares, while GE holds more than 14%.
Miljardair ligt GE dwars bij overname Duits bedrijf
With Google translate:
Billionaire is GE to cross over German company
The US industrial conglomerate GE is thwarted by a billionaire in the acquisition of the German SLM Solutions, a maker of 3D printers.
It's about Paul Singer, founder of hedge fund Elliott Management Corp, that more than 20% of the shares in SLM. Elliott had a stake in the German company, but built the interest further after GE early September a bid for the maker of 3D printers.
Paul Singer, founder of hedge fund Elliott Management Corp. (Photo: Reuters)
Meanwhile, Elliott is the third largest shareholder in the company. GE offers € 38 per share SLM, a premium of 37% over the share price before the bid. This represents a purchase price for all shares totaling € 684 million.
"Elliott believes that the GE bid is not in the interest of the shareholders of SLM," said the hedge fund in a statement Thursday. Paul Singer is planning to vote against the bid. The share is quoted € 19.54 above the bid, suggesting that the market assumes a higher bid. GE has no press statement about the resistance brought out against the bid.
GE made in the press release in early September also known to want to take over the Swedish Arcam. Remarkably, Paul Singer of Elliott also a shareholder of Arcam. The hedge fund had to GE's offer a stake of more than 5%, but also acquire a larger stake here. Elliott now has over 10% of the shares, while GE holds more than 14%.
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