Harbinger Hedge Fund Picks Next Battle

By: Alex Akesson Tuesday, August 26, 2008 4:01 PM

Article Author

Follow Me

Bio and Articles
Author's Website

Vote for next session

The next market session will close:

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. See full article.

Related Entries:

Emerging Hedge Fund Manager Sentiment Survey Declares Technology as Best Investment - 26 January 2007

British Rail Pension Fund Plans to Invest One Billion In Hedge Funds - 26 February 2007

$2 Billion Raised for Investcorp's Emerging Hedge Fund Talent Fund - 01 July 2008

NY Hedge Fund Manger Joins With Canadian Giant - 21 July 2008

Contents of this feed are a property of Creative Weblogging Limited and are protected by copyright laws. Violations will be prosecuted. Please email us if you'd like to use this feed for non-commercial activities at feeds - at - creative-weblogging.com.

Bookmark:
Email
Print

The above story is the opinion of the author only and it does not reflect iStockAnalyst opinion. Further, the author is not personally advising you regarding the suitability of the story for your investment needs. In no event iStockAnalyst will be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from or arising out of, or in connection with the use of this information. Please consult your investment advisor before making any investment decision.

Related Stories