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International Press Coverage of CIAM

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CIAM has high hopes for Sky

by Justine Crestois

European activist fund CIAM is invested in Sky and believes the company is worth 17 pounds per share, CEO Catherine Berjal told has told Activist Insight Online.

The merger arbitrage specialist bought shares when they were trading at around 9 pounds per share, Berjal said. Although known for litigating buyouts it believes undervalue target companies, CIAM is taking a passive approach in this case, allowing other shareholders to argue for a better price.

A recent Takeover Panel decision set a floor price of 14 pounds after hearing arguments from Elliott Management and other shareholders arguing for a higher amount but CIAM did not expect that process would prove crucial to the outcome. “There’s an open auction, and that’s what we like,” Berjal told Activist Insight Online.

Sky shares breached 10 pounds per share in December 2017 and have not dropped significantly below that level this year, due to a bidding war between Comcast and Twenty-First Century Fox.

On Thursday, the stock closed at 15.80 pounds, after it was revealed Fox and Comcast would square off in an auction for the broadcaster.

Activist Insight Online understands that CIAM owns around 3 million shares in Sky, or a 0.2% stake.

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Deal Chasers

Activist Insight
March 2017

"CIAM is a rare French activist investor, and a rare example of a hedge fund run by two women. It made its name waging campaigns at Paris-listed companies in merger arbitrage situations, and now prepares to target new countries across Europe. "

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CIAM ready for legal battle against SFR buyout

Activist Insight reports that CIAM will closely monitor the French market’s decision on Altice’s bid to acquire complete control of telecoms company SFR. The article highlights the irregularities in Altice’s deal pointed out by CIAM in its letter to the AMF, which argues that the deal is biased and intended to squeeze out minority investors, and asks the regulator to intervene.

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