The Hedge Funds Weblog
Harbinger Hedge Fund Picks Next Battle
Julie Scuderi writes; Harbinger Capital Partners is no stranger to aggressively seeking strategic changes within companies in which they invest. This month, it's Harbinger vs. Cleveland-Cliffs Inc. The mining company is urging shareholders to reject a bid by the activist hedge fund that would give them veto power over one of Cleveland-Cliffs proposed acquisitions.
Harbinger has made headlines recently for similar antics involving their other investments, including the New York Times and Media General. Harbinger was awarded two seats on the board of the Times, while acquiring three seats on Media General's board.
In order for the deal to take place, 66 percent of shareholders must approve the bid for Alpha. The vote is set to take place on October 3.
No Comments