Hedge Fund admits major role in Skandia takeover drama - papers 29th December

Noonday Asset Management was forced to make the declaration after its stake rose to 5.02% when it bought 400,000 shares yesterday, says the paper. Noonday is an offshoot of Farallon, another hedge fund manager. Its declaration, said Farallon, was also involved in its shareholding. It was made amid unsubstantiated rumours that either one or two hedge funds were considering withdrawing their acceptance of Old Mutual's £3.5bn offer for Skandia. A spokesman for Old Mutual yesterday said the fund that was supposedly considering a withdrawal had so far refused to identify itself. "If there wa...