Empire Capital Management Adds To Position in Sonus Networks, Inc. (SONS)
Scott Fine and Peter Richards' Empire Capital Management has edged up its position in Sonus Networks, Inc. (NASDAQ:SONS), and has revealed, in a newly amended filing with the SEC, owning 26.55 million shares, versus 26.49 million held at the end of September, as shown in its latest 13F. The passive stake amasses some 9.9% of Sonus Networks' common stock, and has a value of over $80.4 million, at the current share price of the company.
Empire Capital focuses on technology stocks and is a long/short fundamental driven hedge fund. It was co-founded by Scott Fine and Peter Richards in 1996.
Sonus Networks provides networked solutions for communications service providers. Their customers include telecommunications, cable and wireless service providers and enterprises. Its solutions address the need for communications service providers and enterprises to seamlessly link and leverage multivendor, multiprotocol communications systems and applications across their networks, around the world.
In a recent press release, Sonus Networks Inc. (NASDAQ:SONS) has announced that it will acquire Performance Technologies Inc, a global supplier of advanced, high availability network communications solutions. The deal is expected to cost $30 million in cash and PT shareholders will be paid $3.75 per share. The transaction is expected to close in 2014. With the acquisition, Sonus expects to expand its addressable market by 50%. The company will be utilizing its existing cash reserves to fund the acquisition.
Scott Fine and Peter Richards managed Empire Capital Management hold a long position in the company followed by Donald Chiboucis-led Columbus Circle Investors with 9.64 million shares worth $32.48 million, owned at the end of the third quarter. Jim Simons’ Renaissance Technologies also hold a substantial stake with 1.74 million shares, valued at $5.86 million at the end of the third quarter, the holding being doubled during the third quarter.