Eton Park Capital Acquires $300mm Stake in Cadbury
|September 12th, 2009||
|In a move pre-empting a potential hostile takeover of confectioner Cadbury plc (NYSE: CBY) by rival Kraft (NYSE: KFT) or other possible suitors, New York hedge fund Eton Park Capital Management has bought a $300 million stake in the company. According to an article from the Telegraph, although Cadbury has rejected Kraft’s bid, the hedge fund manager believes a deal will be made eventually. |
Aside from Eton Park and Nelson Peltz’s Trian Group, institutional investors have remained inactive in either company’s shares, reflecting the nascent uncertainty of the deal at present. Mario J. Gabelli’s GAMCO Asset Management is the third largest institutional holder of Cadbury with a 3,601,087 share or 1.1% stake. Over the second of 2009, Gabelli’s firm added a paltry 45,486 shares to its position.
Eton Park Capital Management was launched in 2004 by Eric Mindich. Prior to founding the firm, Mr. Mindich was a partner at Goldman Sachs where he was senior member of the Goldman Sachs Principal Strategies group.
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