Hedge funds and Private Equity - PES

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the day before the general meeting, however, DIS shares had a stock exchange value of €74.
The big difference between the two sums is the reason the hedge funds kept their shares with
hopes of making a higher profit from their investment.
3. LBO exit (secondary LBO, IPO, listing)
The preliminary conclusion is, that DIS AG is still listed on the stock exchange. The Adecco
Germany Holding GmbH as biggest shareholder holds 82.6 percent of the shares. Followed by
the Elliot Group which holds 10.0 percent of the shares. The remaining shares of 5 percent are
largely held by foreign institutional investors.
An analysis of the case would result in two contrasting assessments of the actions of the hedge
funds. On the one hand, the strategy of the hedge funds was designed to ensure that Adecco
bought off their resistance with a considerably higher settlement offer, so that the funds could
make a substantial profit on the purchase price of the shares; on the other hand, the hedge funds
exposed a very dubious lack of transparency in the actions of the two recruitment firms.
References
Handelsblatt, 22.02.06, p. 14; Börsenzeitung 23.03.06, p. 20; Börsenzeitung 13.04.06, p. 12; Börsenzeitung
22.04.06, p. 9; HB 07.06.06, p. 12; Börsenzeitung 09.06.06, p. 10; Börsenzeitung 10.06.06, p.
13; HB 12.06.06, p. 19; HB 21.06.06, p. 16; Börsenzeitung 12.07.06, p. 13; Börsenzeitung 04.11.06,
p. 13