According to a 13F filing, Elliott Management’s largest position reduction was in Interpublic Group of Companies (IPG). The firm sold 4.2 million shares of the company. Currently, it holds 11.4 million shares worth $264.1 million. The Interpublic Group of Companies constituted 3.4% of the firm’s portfolio. Elliot Management held 2.9% of IPG’s shares.
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The Interpublic Group of Companies is an advertiser giant that rose 15.4% on a year-to-date basis as of August 22, 2016. Earlier in February 2016, IPG settled its tussle with Elliott Management. Two of the three new directors chosen at that time were sent by Elliott Management. At that time, Elliott was holding 6.9% of IPG’s holdings.
The institutional investor holdings in IPG are at 95.7%, according to the most recent 13F filings. 251 holders of the 401 holders have increased their position in IPG, while 210 have decreased their exposure to IPG. The remaining 65 holders have kept their positions unchanged.
Elliott Management also sold its major holdings in Pfizer (PFE). It sold 4.0 million shares of Pfizer worth $116.4 million. Pfizer declared on Monday, August 22, 2016, that it would buy Medivation (MDVN) for $14 billion in cash. Medivation is a US (IWF) (IVV) cancer drug company. By buying this company, Pfizer will add cancer drug Xtandi to its portfolio. Pfizer is offering a more substantial premium to Medivation than Sanofi (SNY) was offering earlier.
In the next part of this series, we will analyze the holdings of Third Point as of June 30, 2016.