Och-Ziff Capital Management revealed on Monday in a regulatory filing that it had upped its stake in Australian-based investment company Babcock & Brown Capital (BCM) from 4.7% to 12.03%. It’s unclear whether Och-Ziff is trying to takeover the company or merely profit from a potential bidding war for the company’s asssets.
Och-Ziff’s purchases occurred just days after TaemasBridge, a group of 3 partners who were previously associated with Babcock & Brown, made an unsolicited bid for BCM. BCM was originally established by investment bank Babcock & Brown, which voluntarily went it to bankruptcy last month. BCM has investments in eircom Group plc, an Ireland-based telecommunications provider and Golden Pages, the leading Israeli directories business. BCM previously announced that it was seeking to sell its stake in Golden Pages and is currently involved in discussions with the bondholders and various parties.
In a statement, BCM’s Board said that it “supports Shareholders’ desire for BCM to become a stand alone entity, separate from Babcock & Brown, in which the Board is able to independently determine the future direction and strategy of BCM.” As reported last month, activist investor Children's Investment Fund Management has been pressuring affiliate Babcock & Brown Wind Partners to sell its assets and close down operations. |
