Bauposts grabs 6.72% stake

TOKYO — According to Japanese press reports, The Baupost Group LLC, a Massachusetts-based investment firm, has taken a 6.72% stake in embattled Internet startup Livedoor.

Baupost reportedly bought 70.56 million Livedoor shares from Feb. 16 to March 14, spending $45.5 million. This makes Baupost the company’s fourth largest shareholder. The firm has not yet revealed its plans for Livedoor, a once mighty Internet services group brought low by allegations that its top executives manipulated financial information to boost its stock price.

Last week Usen Corp. prexy Yasuhide Uno personally bought Fuji Television Network’s 12.75% Livedoor stake for $81.9 million, making him the troubled firm’s second-largest shareholder. The largest is former Livedoor prexy Takafumi Horie, currently under indictment for securities law violations.

Livedoor shares are skedded to be delisted from the Tokyo Stock Exchange’s Mothers market for startups on April 14.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0