Hedge fund Elliott calls on Bank of East Asia to sell

Elliott – run by activist investor Paul Singer - has had its sights on Bank of East Asia for more than a year

Paul Singer
Paul Singer
Paul Singer
Paul Singer

Hedge fund Elliott Management on Thursday stoked the coals in a long-running squabble with Bank of East Asia, urging the Hong Kong bank to explore selling itself.

Paul Singer's $26 billion activist hedge fund, which has a 7% stake in the bank, said it believes Bank of East Asia could fetch around 60 Hong Kong dollars a share (about US$7.74), nearly three times its closing price on Wednesday.

WSJ Logo
Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With TrumpExternal link

Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With Trump