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Private equity firm Sycamore Partners on Thursday said it was interested in acquiring apparel retailer Express Inc, after disclosing a 9.9 percent stake that made it the largest shareholder in the company. Express confirmed on Thursday in a press statement that it had received a letter from Sycamore, highlighting their interest in buying the company. Columbus, Ohio-based Express has adopted a stockholder rights plan, setting the trigger at 10 percent. Express's shares rose as much as 32.8 percent to $18.00 in extended trading. The stock closed down nearly 3 percent at $13.55 in regular trading on Thursday, valuing the company at $1.14 billion. "We would like to perform confirmatory due diligence to determine a definitive valuation of the company," Sycamore said in a letter to the company's board. ( link.reuters.com/huv99v ) The private equity firm said it would take 30 days to complete its due diligence, obtain financing commitments and submit its offer, accordi

Canada's Amaya Gaming Group Inc on Thursday said it will buy for $4.9 billion Rational Group, which owns and operates the world's biggest online poker company PokerStars. The transaction will be financed with a combination of cash on hand, new credit facilities and equity financing, the company said in a statement. The deal is backed by Blackstone Group LP's credit division, GSO Capital Partners, which will buy more than $600 million in convertible preferred shares and other securities. Deutsche Bank, Barclays and Macquarie Capital will provide $2.9 billion in credit facilities and other financing. Rational Group, owned by Oldford Group, operates gaming and related businesses including PokerStars and Full Tilt Poker, which are collectively the world's most popular and profitable online poker brands with more than 85 million registered players on desktop and mobile devices. Amaya said it expects the transaction will "expedite the entry of PokerStars and Full T

Shares in Britain's house builders, including Barratt Developments and Persimmon slipped on Friday after finance minister George Osborne said he would give the Bank of England stronger powers to curb mortgage lending. _0"> British house prices have risen by 11 percent over the last year, benefiting house builders but leading to concerns that a bubble could develop. Bank of England Governor Mark Carney said at the same dinner on Thursday evening that interest rates could rise sooner than expected. Shares in the listed house builders, which also include Bovis Homes Group, Taylor Wimpey and Berkeley Group, were down between 2 and 4 percent. (Reporting by Paul Sandle ; editing by Kate Holton )

Shares in Britain's housebuilders and property developers fell on Friday after the government and the Bank of England signalled they were ready to intervene to cool the country's surging house market. British house prices have risen by 11 percent over the last year, benefiting house builders but leading to concerns that a bubble could develop. Finance minister George Osborne said late on Thursday he would now give the Bank of England stronger powers to curb mortgage lending, while the Bank's Governor Mark Carney also noted that interest rates could rise sooner than expected, in his strongest warning yet. Shares in the country's biggest housebuilders including Barratt Developments and Persimmon, fell over 4 percent, dragging down the FTSE 100 blue-chip index, while Bovis Homes Group, Taylor Wimpey, Bellway and Berkeley Group, were down between 3 and 4 percent. Land Securities and British Land, the country's two largest listed property developers, were also hit,

Hedge funds are gambling on profiting from further falls in the share prices of British bookmakers, who face increased taxes on two fronts and curbs on how they run their high street betting shops. According to Markit data, interest from short sellers in several British betting firms has risen over the past two months, with Ladbrokes shares on loan climbing to more than 6 percent of the total available, from 4.7 percent, while William Hill's shares on loan have risen to 2.6 percent from 0.3 percent. William Hill is the market leader and part of the FTSE 100 index of leading British stocks, while Ladbrokes is Britain's second-largest bookmaker. Short sellers at hedge funds borrow a security they expect to fall so they can sell it now, buy back later at a lower price, then pocket the difference after returning the shares to the lender. Britain this week moved to tighten planning controls on the spread of betting shops and the high-stakes gambling machines that make up a gro

Hedge fund East Lodge, founded by ex-CQS portfolio manager Alistair Lumsden, has opened to external money, a letter to investors seen by Reuters showed. _0"> East Lodge has launched the East Lodge Capital Credit Opportunities Fund and is targeting assets under management of $250 million within three months, a source close to the company added. Lumsden previously managed $3.2 billion for hedge fund CQS, with a focus on asset-backed securities. Estimated performance during April, when the fund used just internal money, was 4.27 percent, the investor letter showed. (Reporting by Simon Jessop; editing by Chris Vellacott)

UK-based hedge funds saw their assets increase by $57 billion between January 2013 and April 2014, while fund managers in France, Spain and Germany posted a net decrease, data from Preqin research showed. _0"> Firms headquartered in the UK now account for $423 billion in hedge fund assets, more than 10 times the amount of assets managed in any other single European country, it said in a statement. Following the UK are Sweden, with assets under management of $34 billion; Switzerland, with $31 billion; France, with $20 billion; and Netherlands, with $9 billion. The UK is also home to most of the start-ups of recent years, it said, with around half of all known new launches in 2013 and so far in 2014. Within the UK, London is the most popular place to be based, with 90 percent of all hedge fund assets managed from the capital, Preqin added. (Reporting by Simon Jessop and Nishant Kumar )

Shares in British hedge fund manager Man Group slid on Friday after its cautious outlook took the shine off an in-line trading statement. The firm, founded in 1783 as a barrel maker, said it took in a net $2 billion of new money during the first quarter, mostly into its GLG alternatives unit, which partially compensated for the money pulled by investors from its FRM funds. When combined with a net $700 million performance loss across its investments, funds under management at the end of March rose to $55 billion, from $54.1 billion at the end of December. While sales of $6.5 billion in the quarter were the highest in three years to help chalk up a third straight quarter of net inflows, a feat last matched in the second quarter of 2008, the prospect that a weak investment performance could persist weighed on investor sentiment. At 0703 GMT, shares in Man Group were down 1.5 percent, the third-biggest faller on the mid-cap FTSE 250. "The market environment in the first quarte

Global hedge fund assets under management hit an all-time high of $2.938 trillion in April, beating the previous peak of $2.937 trillion reached before the financial crisis, data provider eVestment said. _0"> "Investors allocated heavily into hedge funds in April, the third consecutive month of elevated inflows," it said in a statement. A total of $17.9 billion of new money was invested to more than offset a slightly weaker asset-weighted performance and push assets under management to a level not seen since the second quarter of 2008, eVestment added. (Reporting by Simon Jessop; Editing by Jemima Kelly)

From Asian Internet stocks, which have boomed over the last year, to food and paper products companies, prominent hedge fund investors listed their favorite stocks on Thursday at an industry meeting dominated by talk of where markets will move. John Burbank stuck with the Chinese Internet stocks that helped boost returns at his $3.8 billion Passport Capital last year. Real estate Internet portal Soufun Holdings, which climbed 121 percent in the last year, and discount online retailer Vipshop Holdings, which climbed 417 percent in the last year, made the list as his favorites. "I am not negative on U.S. Internet companies but China is trading at a bigger discount," Burbank said at the annual SkyBridge Alternatives Conference known as SALT. Burbank, whose picks have long included international companies and who taught in English in China decades ago, said "China is fundamentally changing and there is something to bet on." This year Burbank's flagship fund is

Hedge fund Magnetar Capital is suing U.S. drugs wholesaler McKesson, saying its acquisition of German peer Celesio short-changed minority shareholders and bondholders by around 370 million euros ($507 million). _0"> McKesson structured the transaction in an unlawful way, discriminating against the minority investors, Magnetar said in a statement on Wednesday. McKesson's bid for Celesio succeeded following drawn-out negotiations with another Celesio shareholder, activist hedge fund Elliott International, led by U.S. investor Paul Singer. Elliott, which had invested more than 1.3 billion euros ($1.8 billion) in Celesio shares and bonds that convert into shares, ended up selling all those securities to McKesson. Magnetar, which holds more than 3 percent in Celesio's shares, accuses McKesson of paying convertible bond holders such as Elliott an equivalent of up to 30.95 euros per underlying share, while owners of Celesio stock were only offered 23.50 euros a share. S

As a $14.8 billion hedge fund with a reputation for savvy mortgage trades and a record of double-digit returns, Pine River Capital Management has long signed up multi-billion-dollar pension and sovereign wealth funds as investors. Now the exclusive hedge fund is making some of its strategies available to Main Street investors who've been warned that bets on stocks and bonds may not see them through retirement. For as little as $1,000, they can include hedge funds in their nest eggs. As one of seven firms managing money in Wells Fargo's new Alternative Strategies fund, Pine River is among the latest big-name funds to crack its doors to private clients with look-alike products known as liquid alternative funds after years of courting only the super-wealthy. "Sub-advising portfolios in the (mutual fund) space is a new and diversified source of capital for a firm like ours," said Brian Taylor, who founded Pine River with $350,000 of his retirement money in 2002. &quo

Man Group said it was in talks to buy U.S. asset manager Numeric Holdings and diversify its quantitative fund offering, giving the UK hedge fund manager's share price a boost. A deal for Boston-based Numeric, part-owned by private equity group TA Associates and up for sale since early 2013, would broaden a quant fund stable currently focused on Man's flagship AHL computer-driven funds. It would also boost its presence in the United States, the biggest hedge fund market in the world, as well as its foothold in the institutional market, dealing with clients such as pension funds, which are driving growth in the broader industry. "This transaction would further diversify Man away from AHL and is consistent with Man's strategy to acquire a US-based asset manager," said RBC Capital Markets analyst Peter Lenardos. "However, given the extremely limited information available, especially on profitability and price - we reserve judgment until more details emerge.

French carmaker PSA Peugeot Citroen ( id="symbol_PEUP.PA_0"> PEUP.PA ) launched the second stage of a long-awaited 3 billion euro ($4.2 billion) capital increase to fund its "Back in the Race" recovery plan and tie-up with China's Dongfeng ( id="symbol_0489.HK 0489.HK ). _1"> As its new board met on Tuesday, the troubled firm surprised markets by issuing more stock than expected at a larger discount to raise 1.95 billion euros from existing shareholders. Peugeot shares surged in afternoon trading, outpacing a broader European stock rally on hopes that recovering regional demand can help the recapitalized carmaker rebound. The rights issue, in addition to a 1.05 billion stock sale to the French state and Dongfeng Motor Group, allows investors to purchase seven new shares at 6.77 euros for every 12 held, a 41 percent discount to Monday's comparable closing price. That means future dividends will be divided among 877 million outstanding sh

3D printer maker 3D Systems Corp's ( id="symbol_DDD.N_0"> DDD.N ) quarterly gross margins fell for the first time in two years, raising concerns about its growth prospects in an industry, which is drawing the attention of bigger technology firms. _0"> 3D Systems shares fell as much as 11 percent, making the stock one of the top losers on the New York Stock Exchange on Tuesday morning. The company said on Tuesday that its gross margin expansion was being delayed as it printers continued to be a major source of revenue. 3D Systems printers, priced at less than $1,000 to about $1 million, generate lower gross margins than its printing materials and services. The company also said it now expects to get most of the revenue and profit it forecast for 2014 in the second half of the year when it launches new products and services. The nascent 3D printer industry has generated widespread interest in the last couple of years. It has, however, also drawn criticism

Pfizer Inc ( id="symbol_PFE.N_0"> PFE.N ) may sweeten its offer for Britain's AstraZeneca Plc ( id="symbol_AZN.L AZN.L ) to more than 63 billion pounds, or $106 billion, and raise the cash portion of the deal, to kickstart negotiations, Bloomberg reported on Thursday. _0"> Citing people with knowledge of the matter, the report said a new bid may value AstraZeneca at more than 50 pounds ($84.47) per share and could come as early as next week. Pfizer disclosed earlier this week that it had twice approached AstraZeneca about a takeover, only to be rebuffed in both cases. _1"> Pfizer and AstraZeneca declined to comment on the report. Since Pfizer went public with its approach to AstraZeneca, investors and analysts have been expecting the largest U.S. drugmaker would come back with more than its initial offer worth 58.8 billion pounds ($98.9 billion) and increase the cash component. Under British takeover rules, Pfizer has until May 26 to announce

AstraZeneca Plc laid out its defense against Pfizer Inc's $106-billion takeover approach on Tuesday by predicting its sales would rise by three quarters over the next decade, although only after a short-term drop. With promising new medicines expected to lift annual revenue above $45 billion by 2023, up from $25.7 billion in 2013, selling out to the U.S. group now would deprive investors of huge gains, it argued. "The increasingly visible success of our independent strategy highlights the future prospects for our shareholders," said Chairman Leif Johansson. "These are benefits that should fully accrue to AstraZeneca's shareholders." Chief Executive Pascal Soriot said plunging AstraZeneca into a disruptive merger would also jeopardize its ability to deliver on the new drug pipeline, which is expected to account for 30 percent of the 2023 sales total. Investors and analysts agree Britain's second-biggest drugmaker has an improving experimental portfo

Shares of Twitter Inc sank 18 percent to a new low in frenzied trading on Tuesday, wiping out more than $4 billion of its market value, as early investors sold stock in the messaging service for the first time after a six-month "lock-up" expired. The stock closed at $31.85 on the New York Stock Exchange, as losses deepened late in the session to the lowest since its debut on November 7 at $37. On a consolidated basis, more than 130 million shares changed hands - 10 times the daily average volume for the last 50 days. The lock-up agreement that expired this week applied to about 470 million shares, or 82 percent of Twitter's equity, held by insiders, venture capitalists and other investors. Twitter allowed one batch of shares to be sold in February, but that lockup governed only about 10 million shares, most of which were held by non-executive employees. "The move is bigger than expected and is indicative of the negative investor sentiment towards Twitter right n

Europe's biggest insurer Allianz defended its U.S. asset management business Pimco on Wednesday as it came under fire for failing to stem the flow of heavy investor withdrawals. Allianz is under pressure from some shareholders to step up oversight of Pimco, the world's largest bond investor with nearly $2 trillion in assets, because of a run of poor returns and the departure of CEO Mohamed El-Erian amid a row with co-founder Bill Gross. But the insurer's chief executive said that investors needed to ignore short-term volatility and take a longer-term view, pointing out that Pimco had produced better returns than many of its competitors for large parts of the past 25 years. "There is really no reason to rake us over the coals or to sense the end is at hand," Michael Diekmann told the insurer's annual shareholder meeting in Munich. Diekmann said customers had been supportive of the creation of a new team of six deputy chief investment officers to support G

Pfizer ( id="symbol_PFE.N_0"> PFE.N ) sought to allay fears that its proposed $106 billion takeover of AstraZeneca ( id="symbol_AZN.L AZN.L ) would deal a blow to drug research, saying the new company would bolster innovative science and speed the development of new treatments. _0"> The deal would be the largest foreign takeover of a British company and has raised fears that resulting cost cutting would see the loss of thousands of skilled jobs, undermining the UK's science base. _1"> AstraZeneca, Britain's second-largest drugs company, has rejected successive approaches from its larger American rival. As political opposition to the plan grew, Pfizer reiterated its commitment to the deal, posting a graphic on its website that touted the benefits of a merger. It said the combined group would be able to expand its global research, speed up the development of treatments and broaden its footprint in emerging markets. A combined Pfizer-AstraZ

Cheetah Mobile Inc's ( id="symbol_CMCM.N_0"> CMCM.N ) shares rose about 13 percent in their market debut, valuing the Chinese security software maker at about $2.2 billion, after its initial public offering was priced near the top end of the expected range. _0"> Earlier on Thursday, the company said its offering of 12 million American depositary shares (ADSs) was priced at $14 each, raising $168 million . Cheetah had said it expected its IPO to be priced between $12.50 and $14.50 per ADS. The Beijing-based company provides security and optimization software used both in smartphones and PCs. Its apps such as Clean Master and Battery Doctor are popular on Google Play. Cheetah's shares opened at $15.25 and touched a high of $15.89 in early trading on the New York Stock Exchange. The company is being spun out of software maker Kingsoft Corp Ltd ( id="symbol_3888.HK_1"> 3888.HK ), which will retain control with about 54 percent of Class B sha

Cable TV broadcaster AMC Networks Inc ( id="symbol_AMCX.O_0"> AMCX.O ) said it expects slower advertising growth this quarter as its latest series, "Turn", draws fewer viewers than its older hits, sending its shares down nearly 18 percent. AMC also reported a first-quarter profit that missed analysts' estimates as it spent more on new programs to replace hit shows such as "Breaking Bad" and "Mad Men". The company's newest show "Turn" debuted in April with 2.1 million viewers, less than half of what its hit zombie show "The Walking Dead" started with. ( r.reuters.com/sap29v ) "It sounds like the costs will continue to be higher-than-expected in the second and third quarters, as they are replacing licensed shows with wholly owned shows," Evercore Partners analyst Alan Gould said. "Turn", which tells the story of four childhood friends who became spies during the American Revolutionary War in

Molycorp Inc ( id="symbol_MCP.N_0"> MCP.N ) shares slumped 17 percent on Thursday in the wake of the U.S.-based rare earths producer's results a day earlier which showed a bigger first-quarter loss and production hiccups at a newly expanded processing plant in California. _0"> Market concerns about the rate at which the Denver-area company was burning through cash and the possibility that it may have to tap the market for more funds later in the year sent the stock to an all-time low of $3.76 on the New York Stock Exchange. The company reported a net loss on Wednesday of $86.0 million as rare earth prices dropped, more than double its loss of $38.2 million a year earlier, and it produced less material than expected at its Mountain Pass facility in California. "In one word, it is all about uncertainty... They were not able to really tell the market when Mountain Pass will be running at the levels - production and cost - that they need," said Luisa

Wellcome Trust, Britain's biggest medical research foundation said it had "major concerns" about U.S. drug major Pfizer's ( id="symbol_PFE.N_0"> PFE.N ) 63 billion pound offer for AstraZeneca ( id="symbol_AZN.L AZN.L ), the Financial Times reported. _0"> In a private letter to UK chancellor of Exchequer George Osborne, the trust raised doubts about Pfizer's commitment to investment in Britain and said AstraZeneca was critical to Britain's science base. _1"> "Pfizer's past acquisitions of major pharmaceutical companies have led to a substantial reduction in R&D activity, which we are concerned could be replicated in this instance," Wellcome Trust Chairman Sir William Castell was quoted as saying by the British newspaper. Wellcome Trust became the latest in a series of vocal opponents to the potential merger, which would create the world's largest drugmaker. Pfizer is said to be considering raising it

Pfizer defended the business case behind its plan to acquire AstraZeneca on Monday and questioned the UK drugmaker's ability to stand alone for much longer as the New York-based group's CEO prepared for a grilling from British lawmakers. Aiming to douse questions about its commitments to British jobs, Pfizer also said its agreement to complete AstraZeneca's new research centrer in Cambridge, retain a factory in northwest England and put a fifth of its research staff in Britain if the deal goes ahead were legally binding. The comments are Pfizer's latest counter to critics of its proposed $106 billion deal, which would be the largest foreign takeover of a British firm and is opposed by many scientists and politicians - as well as AstraZeneca itself. With its bid now the subject of heated debate in Britain's Houses of Parliament and across the country's news channels, the U.S. drugmaker took a harder line on Monday, saying the merger would create "a UK-b

Pfizer ( id="symbol_PFE.N_0"> PFE.N ) said it would ringfence the development of important drugs if it acquired AstraZeneca ( id="symbol_AZN.L AZN.L ), rejecting a charge from the British company that a takeover would disrupt important research and put lives at risk. _1"> "As we put these companies together, we will continue with our pipeline, AZ will continue with theirs," Pfizer's Chief Executive Ian Read told lawmakers on a second day of questioning about what could be the biggest ever UK corporate deal. "We would ringfence any important products and they would continue to be developed. There is absolutely no truth to any comment that some products of critical nature would be delayed getting to patients, if anything we would accelerate that to patients." AstraZeneca said on Tuesday that Pfizer's proposal risked disrupting its research and delaying getting life-saving new drugs to market, as well as undervaluing the business.

Britain's AstraZeneca on Monday rejected a sweetened and "final" offer from Pfizer, puncturing the U.S. drugmaker's plan for a merger to create the world's biggest pharmaceuticals group. The rebuff came nine hours after Pfizer said on Sunday night it had raised its takeover offer to 55 pounds a share, or around 70 billion pounds ($118 billion) in total, and would walk away if AstraZeneca did not accept it. The rejection left some major shareholders fuming as shares in AstraZeneca slumped 11 percent to close at 42.88 pounds after falling as much as 15 percent - their biggest ever intra-day decline. Pfizer rose 1 percent in New York. AstraZeneca Chairman Leif Johansson told Reuters he now saw no prospect of a deal with Pfizer before a deadline of May 26 set under British takeover rules, or any likelihood of that deadline being extended. Experts also said Pfizer had left itself no room to return with a last-minute higher offer due to the strict takeover code.

Pfizer's ( id="symbol_PFE.N_0"> PFE.N ) chances of striking a deal to buy AstraZeneca ( id="symbol_AZN.L AZN.L ) in the coming days look vanishingly small, but the notion it could return later this year is propping up the British drugmaker's shares. _1"> The stock rose 3 percent on Wednesday, despite AstraZeneca insisting on Tuesday there wasn't the slightest chance of Pfizer's $118 billion offer being increased by a May 26 deadline set by UK takeover rules. While Pfizer agrees it cannot raise its final offer of 55 pounds a share, its advisers have been urging investors to speak up against AstraZeneca's decision to reject its proposal, according to several people familiar with the matter. One suggestion now circulating is that disgruntled AstraZeneca shareholders could call an extraordinary general meeting (EGM) to put Pfizer's offer to a vote. The support of just 5 percent of shareholders is needed to call such a meeting. Even if

Pfizer abandoned its attempt to buy AstraZeneca for nearly 70 billion pounds ($118 billion) on Monday as a deadline approached without a last-minute change of heart by the British drugmaker. The decision ends a month-long public fight between two of the world's biggest pharmaceutical companies that sparked political concerns on both sides of Atlantic over jobs and corporate tax maneuvers. British rules now require an enforced cooling-off period. AstraZeneca could reach out to Pfizer after three months and Pfizer could take another run at its smaller British rival in six months time, whether it is invited back or not. Pfizer's move came two hours before a 5.00 pm (1200 ET) deadline to make a firm offer or walk away, under UK takeover rules. Its decision to quit the stage, at least for now, had been widely expected after AstraZeneca refused its final offer of 55 pounds a share. "Following the AstraZeneca board's rejection of the proposal, Pfizer announces that it d

Former Barclays chief executive Bob Diamond is set to fall short of his target to raise another $400 million for his African banking venture Atlas Mara, a person with knowledge of the situation said. _0"> Diamond, who spearheaded the growth of Barclays' investment bank before being forced out as CEO in 2012 by UK regulators after the bank was fined for attempted rigging of Libor interest rates, plans to increase the war chest of his Atlas Mara vehicle to pursue more African acquisitions and grow the business faster. But some investors have balked at the fundraising so soon after it raised $325 million in its initial public offering in December, mainly due to concern about the illiquid nature of Atlas Mara shares, the source said. That is likely to see it fall short of the $400 million target, although the fundraising will not close until later this month, he said. The source said Diamond had received strong support from the current shareholder base. The Financial Time

Singapore plans to launch a facility to provide overnight yuan liquidity as trade transactions using the currency rise. _0"> The move will help enhance the city-state's position in the fierce competition for offshore yuan business and is another step forward in China's effort to internationalise the currency. The facility, offering up to 5 billion yuan ($805.3 million) in overnight funds on any given day to financial institutions in Singapore, will be launched on July 1, the Monetary Authority of Singapore (MAS) said on its website. The facility complements the existing MAS yuan facility that allows banks to borrow yuan funds on a term basis for trade, direct investment and market stability purposes. "As the volume of RMB activities grows in Singapore, the overnight RMB liquidity facility will help alleviate end-of-day funding strains of financial institutions. This will provide a conducive environment for the continued expansion of RMB activities in Singapor

When he became Argentina's economy minister late last year, many in the business community feared Axel Kicillof, who was once described by a critic as a "flaming Red Marxist," might plunge Latin America's No. 3 economy deeper into isolation in the name of ideology. Instead, the enigmatic scholar who previously lambasted foreign firms for "looting" the country, has in a few months resolved some of Argentina's long-running disputes with companies and creditors, in a bid to attract investment back into the country. Deals with the Paris Club of creditor nations to pay back almost $10 billion in debt and with Spanish oil major Repsol to compensate it for the seizure of energy company YPF have sent Argentine bonds and equities climbing as investors show renewed confidence in a country that has been cut off from global credit markets since a 2001/02 default. The key test of Kicillof's new conciliatory approach will be whether he can secure a deal with