Paulson and Co. Inc. Acquires 43.7 Million Share Stake in ACAS
In a Form 13G filing that was released by the SEC earlier today, Paulson and Co. Inc. formally announced that they had purchased a 15.5% stake of American Capital, Ltd. (ACAS)
Paulson's purchase actually hit the news a few weeks ago when it was revealed that his company would be snapping up nearly 75% of American Capital's $295 million stock offering. The company is using the proceeds of the offering to raise capital for a debt restructuring.
![-- 3 month chart - ACAS - American Capital Ltd - 29th, April 2010 --](https://www.davemanuel.com/images/chart_acas_3_month_29_04_2010.gif)
The Form 13G filing for the transaction was released earlier today. According to the filing, April 19th, 2010 was the date that officially required the filing of the 13G.
A Form 13G filing means that this is a "passive stake" for Paulson and Co. Inc., though this could always change.
The purchase was spread out over various Paulson companies:
Advantage Master - 4,271,549 shares
Advantage Plus Master - 9,200,181 shares
Select Master - 88,691 shares
International - 2,695,120 shares
Enhanced Ltd. - 7,538,947 shares
Recovery Master - 14,500,000 shares
Paulson Partners - 984,876 shares
Enhanced LP - 1,404,403 shares
Paulson's Separately Managed Accounts - 3,041,233
The grand total - 43,725,000 shares.
Seven of the 102 funds that we track in our database owned positions in ACAS as of 12/31/2009. They were:
AQR CAPITAL MANAGEMENT LLC (2,266,535 shares)
BLUE RIDGE CAPITAL HOLDINGS LLC/BLUE RIDGE CAPITAL OFFSHORE HOLDINGS LLC (686,279 shares)
CITADEL ADVISORS LLC (428,451 shares)
D. E. Shaw & Co., INC. (1,649,887 shares)
DIAMONDBACK CAPITAL MANAGEMENT, LLC (10,500 shares)
GOLDMAN SACHS GROUP INC (475,382 shares)
SAC Capital Advisors LP (26,600 shares)
ACAS has been on a tear as of late, trading from about $3 in early January to its current level of $6.45. Paulson and Co. Inc. who purchased their shares at $5.06, has already seen its investment in ACAS increase by over 27%.
Source: Paulson and Co. Inc. Form 13G Filing for ACAS
Source: Davemanuel.com ACAS Quote