When we wrote earlier this week about Facet Biotech's rejection of Biogen Idec's $356 million hostile bid, we mentioned that Facet's top investor, Baupost Group of Boston, held about 18% of the company as of June 30.
It doesn't anymore. In a regulatory filing Wednesday, Sept. 9, Baupost said it sold about 25% of its Facet stake, or about 1.2 million shares, to drop its ownership to 14%. It made the sale Friday, Sept. 4, the same day Biogen went public with its takeover bid of $14.50 a share. The public bid was 50 cents a share lower, Biogen said, than an earlier private bid it made in late August.
Klarman did not respond Wednesday to a call for comment. Then again, his words don't come cheaply, though here's a free videoconferenced talk he gave to the business-school students at the University of Western Ontario. (Goooooo, Mustangs!) Klarman is the author of the 1991 book Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor, which is out of print but available on Ebay starting at $800, last time we checked.