Elliott Management continues to turn up the heat on
Athenahealth. In a new letter to the board, the
sometime-activist admonished the company for not responding to
its $160 takeover offer from last week except for its "cursory,
boiler-plate press release." The hedge fund said it has not
received direct communication "despite our emails and messages"
offering to discuss next steps or to answer any questions
regarding its proposal. Elliott also said none of the
company’s advisors have contacted the firm.
"We find this lack of communication concerning
because, unfortunately, this is the same pattern of behavior we
experienced when we tried to get the company to engage in
November," Elliott added in the letter.
"Athenahealth’s board refused to engage with us,
despite our repeated offers to make ourselves available for
discussion." Elliott referred to the company’s
response as "nothing more than a one-paragraph letter
dismissing our interest," adding it initially was not signed.
Shares of the cloud-based health care software company fell 1.2
percent on Monday, to close at $149.16. The stock is also a
high-profile short position of David Einhorn’s
The Société Générale
CTA Index gained slightly in April, trimming its loss for the
year to 2.74 percent. The SG Trend Index gained 0.41 percent,
cutting its loss to 3.48 percent for the year. The firm says
performance of trend followers was driven by energy, bonds,
currencies, and equity indexes.
Philippe Laffont’s Coatue Management
established a new stake of nearly 14.5 million in Micron
Technology, making the chip maker the Tiger Cub’s
sixth-largest U.S. long as of the end of the first quarter,
according to its latest 13F filing.
King Street Capital, known mostly for its
distressed investing strategy, established a new
one-million-share stake in Time Warner in the first quarter,
according to its latest 13F filing. The shares
immediately became the hedge fund firm’s
second-largest individual U.S. long common stock position. The
investment is a merger arb play as the company awaits
regulatory approval to be acquired by AT&T.
Seth Klarman’s Baupost Group reported
a $10.37 billion U.S. stock portfolio as of the end of the
first quarter, up slightly from the prior three-month period.
Its two largest longs remained Cheniere Energy, the liquefied
natural gas company, and Synchrony Financial.