Merger Arbitrage Fund Pentwater Boosted Activision Stake Before Key Court Nod
- Firm added most among hedge funds in Q2, filings show
- Jericho Capital, Balyasny, Citadel Advisors also lifted stakes
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Pentwater Capital Management LP led hedge funds boosting stakes in Activision Blizzard Inc. last quarter before a make-or-break July court decision on the video-game maker’s proposed $69 billion merger with Microsoft Corp.
Pentwater, among the best-known firms that focus on event-driven strategies including merger arbitrage, added about 5.87 million shares in the period — more than any other hedge fund — according to quarterly filing data compiled by Bloomberg. That brought its position to 21.3 million shares, which would be worth roughly $1.9 billion at current prices if the firm still holds the shares.