Christmas must already be on the mind of hedge fund manager
Michael Zimmerman, whose Prentice Capital Management upped its
stakes in the toy and gift stocks this summer. Regulatory
filings with the Securities and Exchange Commission show that
in early August, Prentice bought 4.4 million shares of Russ
Berrie, which specializes in teddy bears and other gifts aimed
at infants and juveniles.
Prentice's Russ Berrie investment came at the same time D.E.
Shaw bought an identical amount of the teddy bear maker's
stock. Combined, the two fund groups wound up with a 43% stake
in the firm - 21.5% apiece.
It's too early to say whether the big investment will pay
off, but on the day of the deal, the stock settled at the hedge
funds' tender price of $11.30, running ahead of its 52-week
recent low of $10.60 but with plenty of headroom to grow back