Glazer Capital discloses stakes in three companies involved in takeover situations

what happened

Glazer Capital, LLC has filed mandatory Form 8.3 disclosures covering three companies that are subject to takeover procedures. According to Irish Continental Group's published filing, the fund holds 5,538,138 shares with a €0.065 nominal value, equal to 3.73% of the capital. On 26 October it bought 5,201 shares at €7.96 each.

At Rotork, the fund holds cash-settled derivatives tied to 23,186,563 shares, or 2.84%. On 26 October it increased a long position through a total return swap covering 22,179 reference shares at 4.92 pounds. At Spire Healthcare, cash-settled derivatives total 10,160,900 shares, or 2.52%, and the fund reduced a long position by 41,117 reference shares at 2.49 pounds.

why it matters

Form 8.3 applies to holders of 1% or more of a company's securities when that company is in an offer period. Such filings show how large investors are positioning in target companies, but on their own they do not signal whether a deal will happen or on what terms.

tags

instruments