David Einhorn's Recent Acquisitions
Greenlight Capital Inc. adds Activision Blizzard and First Horizon Corp. to its portfolio while making adjustments to existing holdings.
David Einhorn’s Greenlight Capital Inc. made some noteworthy additions to its portfolio in the second quarter of this year. The firm acquired substantial stakes in Activision Blizzard Inc. and First Horizon Corp., despite the uncertain fate of Activision Blizzard being acquired by Microsoft Corp.
In a filing with the Securities and Exchange Commission, Greenlight disclosed its new 221,880-share stake in Activision Blizzard. This came at a crucial time as Activision Blizzard's acquisition by Microsoft Corp. was still hanging in the balance. The deadline for the deal was extended to October 18, following regulatory opposition that sparked possible settlement talks with the Federal Trade Commission.
Einhorn also seized the opportunity to acquire a new 1.3 million-share stake in First Horizon Corp. This move came after Canadian-owned Toronto-Dominion Bank dropped its plans to merge with First Horizon due to uncertainty regarding regulatory approval in the United States.
Besides these significant acquisitions, Greenlight also made some changes to its existing holdings. The firm sold off its entire 600,000-share stake in Global Payments Inc. However, simultaneously, it added a new 38,000-share stake in Advance Auto Parts Inc.
In summary, Greenlight Capital Inc., under the leadership of David Einhorn, demonstrated its strategic investment approach by acquiring substantial stakes in Activision Blizzard Inc. and First Horizon Corp., while also making adjustments to its existing holdings.