Tuesday 17 November 2015

Hedgies get hot under the collar over Dialog deal

It sounds like there is an almighty dusty up brewing between some of Britain and America's top hedge funds.

The potential row is over Dialog Semiconductor's takeover of US rival Atmel for $4.6 billion.

Elliott Advisors, the punchy US activist fund with a plush UK office in Mayfair, London has built up a position in Dialog of over 5pc and has been urging investors to vote against the Atmel takeover at a shareholder meeting due to take place on November 19.

However, Arrowgrass - a rival hedge fund with offices in Marylebone, London - has been hoovering up stock in Dialog in recent days. Arrowgrass now speaks for 4.2pc of the semi-conductor manufacturer.

The word on the streets around Green Park (an area of London where many top hedge fund managers like to dine out for lunch) is that Arrowgrass, run the by the savvy ex-Deutsche Bank trader Nick Niell, might - and I mean might - vote in favour of Dialog takeover of Atmel. This would be a bit of a disaster for Elliott, especially as it is reported to have a short position in Atmel.

Cue potential threats from Elliott - whose European wing is run by Gordon Singer, son of Elliott founder Paul Singer - over whether Arrowgrass is allowed to vote with borrowed stock.

Well, at the very least Arrowgrass might not vote at all, which could still help Dialog win shareholder approval for the deal.

And that would be very bad news for Elliott...

Elliott declined to comment. Arrowgrass failed to return calls for comment.

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