GLG Partners Boosts Exposure to Yongye International (YONG)
Noam Gottesman’s GLG Partners LP has surged its stake in Yongye International, Inc (NASDAQ:YONG) to 3.51 million shares from approximately 142,000 shares held at the end of 2013. The stake currently amasses 6.93% of the company’s stock.
Yongye International, Inc. (NASDAQ:YONG) is an agricultural nutrient company. It is engaged in research, development, manufacturing and sales of fulvic acid based crop and animal nutrient products. The market cap China based company is $333.05 million
Early this month, the company announced that three leading independent proxy firms; namely, Institutional Shareholder Services Inc., Glass Lewis & Co., LLC, and Egan-Jones Proxy Services, has advised the shareholders of Yongye International, Inc. to vote ‘for’ proposed go-private transaction at $6.69 per share in cash, as contemplated in the ‘Agreement and Plan of Merger’ by and among Full Alliance International Limited, Yongye International Limited and Yongye International Merger Sub Limited.
Other stakeholders of Yongye International, Inc. include Matthew Halbower’s Pentwater Capital Management, which holds 4.00 million shares, followed by Glenhill Advisors, led by Glenn J. Krevlin, with ownership of 2.07 million shares.
GLG Partners LP is one of the largest alternative asset managers in the world. It delivers absolute return and long-only investment strategies across asset classes, sectors and geographies. Noam Gottesman founded the fund in 1995 as a division of the Lehman Brothers International; however, it broke off as a stand-alone entity in September 2000. The fund’s portfolio value amounts to $1.44 billion and it is headquartered in London.
Some of the largest investments of the fund as at the end of the fourth quarter of 2013 involves Facebook Inc. (NASDAQ:FB), in which GLG Partners owns approximately 743,800 shares, worth $40.66 million. The fund, also holds 536,000 shares of Discover Financial Services (NYSE:DFS), with a reported value of $43.65 million. Third largest stake of GLG Partners is in Apple Inc. (NASDAQ:AAPL), which amasses 50,600 shares, worth $28.39 million.