David Einhorn, the hedge-fund manager who oversees $8.8
billion, relied on derivatives earlier this year to raise his bet on Marvell
(MRVL) Technology Group Ltd. without falling under regulations designed for
corporate insiders, according to the good folks at Bloomberg.
Einhorn’s Greenlight Capital Inc. increased its economic
stake in Marvell to 12.4 percent from 9.7 percent by entering into total return
swaps in January on about 12 million company shares, according to a regulatory
filing last week. Einhorn was required to disclose the swaps because Marvell
accelerated its stock repurchase program in December and January, reducing its
shares outstanding and briefly pushing New York-based Greenlight’s ownership
above 10 percent….
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