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Hedge fund Elliott calls on Bank of East Asia to sell

Elliott – run by activist investor Paul Singer - has had its sights on Bank of East Asia for more than a year

Paul Singer
Paul Singer
Paul Singer
Paul Singer

Hedge fund Elliott Management on Thursday stoked the coals in a long-running squabble with Bank of East Asia, urging the Hong Kong bank to explore selling itself.

Paul Singer's $26 billion activist hedge fund, which has a 7% stake in the bank, said it believes Bank of East Asia could fetch around 60 Hong Kong dollars a share (about US$7.74), nearly three times its closing price on Wednesday.

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