Morning Brief: ValueAct Boosts Stake in KKR

December 01, 2017   Stephen Taub

The activist hedge fund firm now holds 9.9 percent of the private equity firm.

ValueAct Capital bought another 2.2 million shares or so of private equity giant KKR, boosting its stake to 9.9 percent. It paid between $19.13 and $19.50 per share between November 13 and November 28. At a conference in late April, ValueAct president Mason Morfit said the stock was worth closer to $37 per share. In an August regulatory filing, ValueAct said it had discussions with officers and directors of KKR and anticipates holding future talks about a variety of topics.

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In a separate filing, ValueAct said it sold nearly 4 million shares of CBRE, the commercial real estate giant. This cut its stake to 7.3 percent. The hedge fund firm sold its shares for between $42.25 and $42 88 per share.

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Viking Global Investors said it owns a little more than 6.6 million shares of Jianpu Technology, or 9.6 percent of the Chinese online financial firm that went public in mid-November. We earlier reported that Dan Och’s Och-Ziff Capital Management disclosed it scooped up 2.5 million shares of Jianpu.

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Shares of popular hedge fund stock Micron Technology continue to tumble, dropping another 3.10 percent on Thursday, to close at $42.39. The stock is now down nearly 15 percent this week alone. Still, it is up about 93 percent for the year.

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Shares of Horizon Pharma jumped 4.4 percent, to $14.38, after UBS raised its price target on the stock from $16 to $20. At the end of the third quarter, Deerfield Management and Paulson & Co. were among the company’s top ten shareholders.

 


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