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BOSTON (Reuters) – Hedge fund
Honest Capital said on Tuesday that it opposes a $2.8 billion deal that At Home Group Inc signed last week to sell itself to private equity firm Hellman & Friedman, even as the U.S. home goods retailer searches for a higher bid. Honest Capital wrote to the company’s board of directors to argue the $36-per-share all-cash deal was too low a valuation for At Home, given that it has plans to more than double its number of stores to 600 and consumers have more cash to spruce up their decor. Home decorating trends are expected to be fueled by low mortgage rates, continued housing demand and a trend for ongoing work from home after the pandemic.
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Millennium Management will open two more offices in Florida as its staff joins a growing southward migration. The $50 billion hedge fund firm will have outposts in Miami and West Palm Beach, according to a person familiar with the matter. The move is mostly driven by its portfolio managers’ preference for the state, which doesn’t tax income, estates or capital gains. Meanwhile, top earners in New York City face among the highest state and local taxes in the U.S.