August 29, 2006

Mosaid Rejects Hedge Fund's Demand for Sale

Canadian intellectual property provider Mosaid Technologies Inc. said that its board of directors has rejected a demand by a New York-based hedge fund that it put the company for sale. The hedge fund, Loeb Partners Corp. demanded that the directors put the company up for sale, threatening a proxy fight for control of Mosaid. Loeb has 6 percent stake in Mosaid. The board of directors at Mosaid decided that sale of Mosaid is not in the best interest of the company's shareholders. They also said that Mosaid would like to avoid a disruptive and costly proxy fight. However, it is ready to engage in a proxy contest to confirm the support of its shareholders.

To know about the tax crackdown on hedge fund activities, read my previous post titled “Tax Crackdown on Hedge Fund Activities”.

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