Interesting game played by a British investment trust: buying shares of other investment trusts and holding companies at a discount to their liquidating values.
In the City of London’s investment trust business, dog eats dog. Thus it is that Daniel Loeb, “activist” investor who shakes up torpid corporate managements, found himself under attack from another activist.
Following a shareholder vote on August 14, Loeb pulled off a contentious merger of his London-listed trust with an offshore insurance company that he also controls. But he does not emerge from the fight unscathed. He had to cough up more cash to dissident shareholders than he…
Read the full article at FORBES.COM
