Sweden’s Axis Secures Investment from Hedge Fund Elliott Management
7.5% stake in Swedish surveillance camera maker Axis has been acquired by hedge fund Elliott Management, potentially raising pressure on Japan's Canon to raise its bid for the firm.
The stake was disclosed in a filing with Sweden's Financial Supervisory Authority.
Canon's
roughly $2.8 billion bid for Axis requires acceptance from shareholders
with 90 percent of shares, meaning Elliott Management would need to
team up with more owners to block the bid, or raise its stake above 10
percent.
Canon launched the bid to buy all Axis shares for 340 crowns apiece, a nearly 50 percent premium, in February.
Elliott did not immediately respond to a request for comment on its intentions.
Source: Reuters
