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Alternative Market Briefing

Hedge fund Elliott Associates rejects GE's tender offer for SLM Solutions

Tuesday, October 25, 2016

Komfie Manalo, Opalesque Asia:

Activist investor Elliott Associates, the hedge fund run by Paul Singer, and Elliott International, have rejected GE Germany Holdings AG's $1.4bn tender offer to takeover 3D printing company SLM Solutions Group AG. Elliot Associates, Elliott International and its affiliated entities, own more than 20% of SLM Solutions.

The hedge fund said in a statement, "Elliott believes that GE's offer is not in the best interests of SLM shareholders. As a result, we will reject GE Germany Holdings AG's tender offer for the outstanding shares of SLM on its current terms."

Industry experts speculate that Singer is planning on deploying a similar strategy with when he bought defaulted debt from Latin American countries and then entered in a round of negotiations to extract money from both Peru and Argentina.

GE calls Singer’s bluff

However, General Electric has refused to raise its price for SLM Solutions even after Elliott rejected the tender offer, setting up a showdown between the industrial giant and Singer.

SLM’s management joined GE in urging shareholders of the German company to accept the offer before it expires. The company last mo......................

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