The palindrome is displeased.
Quantum Partners, a fund managed by Soros Fund Management, has written to the board of property company Kennedy Wilson and its European off-shoot to object to the proposed terms of a full merger.
Kennedy Wilson Inc said in April that it had reached a deal to combine with Kennedy Wilson Europe in an all-share deal.
But Soros’s fund says today:
We are disappointed with the terms of the transaction as well as our understanding of the process leading to the agreement. We agree that there is meaningful value that should be extracted from KWE and would welcome a sale if priced and structured appropriately.
We urge the Board of Directors to honor their fiduciary duties and conduct a strategic review of all alternatives available to KWE, including a cash sale to unaffiliated third parties and an orderly liquidation of the Company over time.