I notice that the Seckold Superfund has picked up a few million shares last month too.
MM seems to be an arbitrage player so would expect them to be around until after the merger.
http://mmcap.wordpress.com/
MMCAP Fund Inc (‘the Fund’) seeks to exploit market inefficiencies to achieve high risk-adjusted returns for investors. The Fund’s primary focus is on merger arbitrage, private placements and other event driven special situations that provide superior risk-adjusted returns. The Fund managers use market neutral hedging strategies to ensure little exposure to market movements, resulting in absolute returns that are independent of the direction of the market. The Fund targets less followed transactions that are not widely covered in the media or by other hedge funds. The investment team employs a strict risk management policy and the portfolio is constantly monitored to ensure concentration, deal downside and leverage do not exceed the Fund’s parameters.
CJO Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
