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Opinion
Chris Hughes

It’s One Deal for Elliott, Another Deal for the Rest

The U.S. hedge fund has struck a clever and lucrative deal with Rocket Internet. Other minority shareholders do okay — but it’s not quite the same.

That’s not fair.

That’s not fair.

Photographer: Catherine Falls Commercial/Moment RF

At holiday time, try not to compare your presents to those of your peers — especially if they include Elliott Management Corp. The activist hedge fund has gotten itself a special deal in return for sanctioning Rocket Internet SE’s plan to exit the stock market. The German tech incubator’s other minority investors don’t do quite so well.

It’s a festive reminder that M&A doesn’t always abide by the principle that shareholders should be treated equally.