Polygon Investment Partners, the hedge fund, is set to reap the benefits of blocking an earlier bid after receiving an offer for its stake in Teesland at a big premium to the price it originally paid. Financial Times
The group built a 27% stake in the co-investing property fund manager this year, as chairman Kevin McCabe tried to take it private for £200m.
Many of the shares were bought above the 159.25p price that McCabe offered for the group. That price had represented a 38% premium to the price at which the stock had traded before the announcement of takeover talks.
Polygon, which declined to comment publicly, took a stake large enough to block the original takeover proposition and McCabe was forced to relaunch an unconditional takeover at the end of January. This left Polygon with a large chunk of Teesland that was still listed on the London Stock Exchange.
In June McCabe sold the majority stake in Teesland, now combined with his private property group Scarborough, to Valad, an Australian property company.
It is understood that Valad is now set to make Polygon an offer of 191p a share for the outstanding shares in the business.