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One is to stick to its strategy, inevitably losing assets as customers desert it near the bottom but at least positioning itself to participate in the rebound. There are two things that a money management firm can do when it finds itself in this predicament. Ultra, like most funds chasing big growth stocks, crashed. Ultra, along with companions Select and Growth, ran up annual returns of 20% to 40% by owning hot stocks like MCI WorldCom and Lucent Technologies.
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During the go-go 1990s, the flagship fund of American Century Investments was synonymous with stellar growth stocks. Sawiris declines comment.ĪMERICAN CENTURY ULTRA IS STRUGgling. Now both Àðàõ and TPG are considering buying a stake in Sawiris firm, the Wall Street Journal reported in October. Their adviser on the deal: Morgan Stanley. Then, in February, they flipped the company to Sawiris for $4.4 billion, making an 80% profit on TIM Hellas in 20 months. The new owners quickly merged TIM Hellas with Q-Telecom and revamped management and marketing. That means shareholders of Q-Te\ecom - would receive 2.8 times the multiple their shell company, Troy, was paying TIM Hellas investors. Semler was infuriated further when he learned that TPG and Àðàõ bought out Q-Telecom, Greeces fourth-largest cell carrier, for 14.3 times annualized trailing earnings. Semler is arguing that the missing link is a grab bag of goodies, like handsets, that Telecom Italia is selling to TIM Hellas. The buyers say Telecom Italia accepted the lower offers because TlM"s fortunes were declining. However, the proxy referred to Sawiris" bid as "highly conditional," and TIM Hellas" owners rejected it.Īnother wrinkle: TIM Hellas later told the SEC that TPG and Àðàõ had over the past two years offered Telecom Italia as much as 20 euros a share (now worth $29) for TIM Hellas but were rebuffed. The proxy also noted that an unnamed "potential investor"-later revealed to be Egyptian telecom mogul Naguib Sawiris - had expressed interest in putting in a competing bid that might have resulted in an offer of $26 a share.
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practice of establishing a special committee to assess the fairness of the deal: "Greek law does not provide appraisal rights in connection with the merger," it said. The board also informed minority investors that it would not follow the U. Had earned $40 million from Texas Pacific and Àðàõ the previous two years.