Belo Corp Merger Scenario: Pine River Capital Holds a 4.1% Stake
Belo Corp merger: Pine River Capital Management, a hedge fund managed by Brian Taylor, recently dropped some shares of Belo Corp (NYSE:BLC), according to a filing with the SEC. The hedge fund disclosed ownership of almost 3.9 million shares of the company, which represents a 4.1% stake, and it has a value of $53.3 million. The move comes amid the recent approval by Belo Corp shareholders to be acquired by Gannett Co., Inc. (NYSE:GCI).
Pine River Capital Management reduced its stake in Belo Corp from the previously disclosed 6.3 million shares. Last week, the shareholders of Belo Corp approved the merger agreement with Gannett and some other related proposals. The merger is expected to be completed by the end of the year, and is still subject to regulatory approval, Belo Corp said in a statement.
Aside from Pine River, we should mention some other hedge funds that disclosed ownership of Belo Corp shares as at the end of last quarter. As follows, John Paulson's Paulson & Co reported a stake which involved around 5.3 million shares of the company. It is followed by Pentwater Capital Management, managed by Matthew Halbower, which disclosed a stake of 3.1 million shares, and Robert Emil Zoellner's Alpine Associates, whose stake in Belo Corp involved some 2.2 million shares reported in the latest round of 13F filings.