Former Point72 Asset Management trader David Rosen has emerged as one of the biggest winners from the bidding war for Middle East credit card processor Network International Holdings Plc.
Rosen’s hedge fund Rubric Capital Management revealed in mid-March it was one of Network’s top holders with a 5% interest. News of takeover approaches came out weeks later, driving the London-listed firm’s market value up to £2.1 billion ($2.6 billion) as a buyout consortium backed by CVC Capital Partners started battling it out with Canadian giant Brookfield Asset Management Ltd.
That was a boon for New York-based Rubric, which had a position in Network for years before the public disclosure, according to people with knowledge of the matter. Shares of Network, which closed at 248 pence on the day Rubric crossed the disclosure threshold, have since jumped about 60% through this past Friday’s close as they approached the potential Brookfield bid of 400 pence per share.
Rubric sold amid the rally, offloading its position at prices ranging from 300 pence to 399 pence and had exited its investment by the end of last week, according to a series of regulatory filings.
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