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Rating:Closed Enders Stymie Citi-Legg Deal Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, October 25, 2005

Closed Enders Stymie Citi-Legg Deal

by: Theresa Sim

Two hedge funds are continuing to be a thorn in the side of Citigroup and Legg Mason. The Wall Street Journal reports that Citigroup postponed its latest batch of votes to transfer management of funds to Legg Mason because it lacked support.

The culprits? Hedge funds Elliott Associates LP and Elliott International LP, which both own shares of the closed-end fund the Salomon Brothers Fund.

The hedge funds are opposing the deal in order to get management to reduce the discount of the closed-end fund, and have rallied others to their cause.

"We are gratified by the continuing strong support we have received from institutional and retail stockholders. ... We remain prepared to meet with the board during this period in an effort to have the board implement a strategy to eliminate or nearly eliminate the discount to net asset value," said the Elliot funds, in response to Citigroup's postponed vote.  

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