HFMWeek reports that CIAM has launched a Satellite Event-Driven Ucits fund, in what is set to be the second largest launch of the year, with strong demand from institutional investors across Europe and €242m in commitments so far. The article notes that the fund uses a diversified event-driven strategy, combining merger arbitrage and special situations and that the portfolio will be more diversified and hold smaller positions than CIAM’s master fund.
HFM Week reports that CIAM has referred to Walt Disney’s offer to takeover Euro Disney for 2 euros per share as “not fair” for minority shareholders, stating that the minimum acceptable price would be 2.50 euros, because of ongoing legal action and the valuation of land rights owned by Euro Disney.
HFM Week reports that CIAM has increased pressure on the Euro Disney board, accusing the theme park operator’s management of “criminal behaviour” in a letter CIAM CEO Catherine Berjal wrote to board members. The move comes as the proposed takeover from parent company, Walt Disney, has led to a depreciation in share price.