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Vivendi: Hedge fund's activism may end in violating law

Mar. 27, 2015 8:16 PM ETVivendi SE (VIVHY) StockVIVEF, VIVHYBy: Jason Aycock, SA News Editor1 Comment
  • More from the increasingly contentious battle over Vivendi's (OTCPK:VIVHY) future: The company has written to hedge fund P. Schoenfeld Asset Management saying that if PSAM joins forces with other shareholders, it could violate French law by coordinating with other investors in excess of a 20% limit for foreign nationals outside the EU.
  • Schoenfeld just responded with a statement noting its disappointment and saying "We have received a letter whose purpose seems to be to intimidate us. We consider this behavior totally unacceptable."
  • PSAM requested in its newest letter that Vivendi publicly disclose its information relating to its monitoring of the 20% threshold.
  • Earlier, PSAM agitated for Vivendi to sell Universal Music and to issue nearly $10B in special dividends. The fund will clash with management at the April 17 annual meeting.
  • Vivendi Chairman Vincent Bolloré this week poured €632M in to boost his stake in the company to 10.2%. PSAM owns less than 1% but plans to gather support for a proxy fight.
  • Vivendi finished -1.2% in Euronext Paris; ADRs down 0.2% in the U.S.
  • Previously: Vivendi downgraded; Bolloré adds to stake amid activist threat (Mar. 27 2015)
  • Previously: Hedge fund calls for $10B in special dividends from Vivendi (Mar. 23 2015)

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