Farallon Capital Increases Perfect World Stake ~ market folly

Monday, June 15, 2015

Farallon Capital Increases Perfect World Stake

Andrew Spokes' hedge fund firm Farallon Capital has filed a 13D with the SEC regarding their position in Perfect World (PWRD).  Per the filing, Farallon now owns 8.6% of the company with 18,950,000 shares.

This marks an sizable increase in their position size after owning only 1.32 million shares as of the end of the first quarter.  The 13D contains the standard boilerplate that they might engage the company, etc.

Perfect World received a takeout offer from its Chairman, Michael Yufeng Chi, to acquire all shares for $20 per ADR share.  Farallon was out buying shares in April, sporadically throughout May, and into early June at prices around $19.90.

You can view additional portfolio activity from Farallon here.

Per Google Finance, Perfect World is "an online game developer and operator in China. The Company develops online games based on its game engines and game development platforms. Its technology capabilities consist of its game engines, game development platforms and real-time anti-cheating, all developed and built by its development team. The Company operates in two segments: PRC operations and International operations."

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