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Elliott Takes Stake in Embattled Aerojet Rocketdyne

Aerojet Rocketdyne’s eSR-73 advanced large solid rocket motor
Aerojet Rocketdyne’s eSR-73 advanced large solid rocket motorSource: Aerojet Rocketdyne

Elliott Investment Management, which has a history of bidding for companies in the US defense sector, has bought a sizable stake in Aerojet Rocketdyne Holdings Inc

The Florida-based hedge fund said Monday it owned a 3.7% of Aerojet. While the investment is a passive one for now, the investment firm has made acquisitions of companies of a similar size in the sector. Last year it bought Cubic Corp, along with Veritas Capital while it also had unsuccessful takeover bid for Mercury Systems Inc.