US hedge fund's €60m slug from C&C
Published 09/10/2011 | 05:00
US ACTIVIST hedge fund Independent Franchise Partners llp has built up a €60m stake in John Dunsmore's €1bn-valued listed cider company C&C.
C&C's Bulmers -- now advertised by David McWilliams -- is the top selling cider in the country. Its Magners brand (same drink but different label) made dramatic inroads into the UK market before the major drink companies copped on.
C&C's new investor is a €5bn hedge fund headed by Hassan Elmasry, a former star trader at Morgan Stanley. Elmasry made headlines when waging an investor campaign against the Sulzberger family, who ran the New York Times.
Last week, Independent Franchise Partners hoovered up C&C shares, bringing its stake up to over 6pc and becoming C&C's third-largest shareholder overnight. C&C is widely touted as a takeover target, with Citigroup tipping Canadian giant Molson Coors as a potential buyer last year.
Sunday Indo Business