IN FEBRUARY, HIGHFIELDS Capital Management’s $3.25 billion bid for electronics retailer Circuit City Stores and Cerberus Capital Management’s $5.5 billion attempt on Toys ‘R’ Us sent shockwaves through the private-equity community.
Although the bids of both of the hedge funds ultimately failed, many in the business interpreted them as proof that hedge funds are now seeking to conquer the larger-cap private-equity market.
The first big deals started appearing last year. In July, a hedge fund consortium lost out to private-equity firms in a $3.65
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