is about to mostly exit
his position in Legg Mason
], but why didn't he get a better deal?
| Nelson Peltz|
Trian Fund Management
Chris Dieterich of Barron's
highlights thoughts from Wells Fargo Securities' Christopher Harris
, who "wonders why Trian would want to exit its position in LM at such a low price."
, when Peltz's Trian
built its Legg stake in 2009 and 2010, prices ranged from $16 to $28 per share. In February 2015, Legg's stock price approached $60. Yet the deal Trian is now doing with Singapore-based Shanda Group
will only be for $32 per share.
So, for all the talk about unsophisticated mutual fund investors being unable to time their investments right when buying shares, it looks like timing is difficult for activist investors, too, at least when they're investing in those mutual fund shops.
Neil Anderson, Managing Editor
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