A Big Thumbs-Up for Emulex
According to a Form 4 filing with the SEC earlier this week, the hedge funds run by billionaire Paul Singer have upped their stakes in the tech company Emulex (ELX). Singer serves as CEO of Elliott Management, which oversees the hedge funds Elliott Associates and Elliott International. He founded Elliott in 1977 with $1.3 million from family and friends.
Elliott Associates primarily operates as an activist investor, taking significant stakes in companies in order to effect change and unlock shareholder value. Now it appears Elliott sees an opportunity to unlock value in Emulex: It owns 6.07 million shares of the company, according to the Form 4, while Elliott Associates owns 3.27 million shares. That makes for a total of 9.34 million shares, an increase of more than 50% from the funds' position in early October, and just over 10% of Emulex's shares outstanding....374 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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