Southeastern Asset Management Now Owns 21% of Sun
Up from 16.6 percent at the end of July
Reuters reports that, “Value investment firm Southeastern Asset Management has boosted its stake in Sun Microsystems Inc and has talked to the computer hardware company about its strategic alternatives.”
Mason Hawkins is the CEO of Southeastern. According to a federal filing on Wednesday Southeastern now owns about 160.6 million shares, or about a 21 percent stake in Sun (up from 16.6 percent at the end of July).
Southeastern Asset Management (SAM) is the adviser to Longleaf funds, which has investments of about $40B. SAM was founded in 1975 by several principals, including current CEO and fund manager, Mason Hawkins. It is an independent investment adviser that is 100% employee-owned
According to Barron’s, SAM has changed the status of its filings from 13G, which implies a passive holding, to 13D, in order to “obtain the flexibility to discuss various alternatives.”
Memphis-based SAM said it has talked to Sun’s management, and will have further discussions “regarding opportunities to maximize the value of the company for all shareholders.”
More Information
Due Diligence Report on Longleaf Partners (September 23, 2008 Litman/Gregory Advisors Intelligence “Due Diligence Report”)