My name is Paul Singer. Perhaps you have heard of me? I write letters to people like you with some frequency, and now that my hedge fund, Elliott Management, has just bought a 12% stake in your company, I am writing one to you. Are you aware that Travelport is now worth just half what Blackstone paid for it 12 years ago, and that since Blackstone dumped it onto the unsuspecting public it has created literally no value for shareholders? As such, my private-equity arm would now like to buy the rest of it so as to fire all of you and make your underperforming company not. Barring this, I am happy to hear offers from others who would like to buy Travelport for more than I am willing to pay while still making my 12% investment worthwhile, before presumably firing you all and making your underperforming company not.
If this does not sound like a particularly enticing offer, rest assured that rejecting it is far, far less enticing, unless you have some unconscious desire to have your names dragged through the mud, your children surveilled and tapped on the shoulder, and to be driven mad by the whole experience. You see, I have a way of getting what I want, whether I am dealing with Warren Buffett, Rupert Murdoch, a sovereign nation or some incompetent limey jokes like yourselves. Choose accordingly.
Elliott, which bought a stake of roughly 12 percent, will encourage Travelport to launch the sale process and seek to participate, the fund said in a filing with the U.S. Securities and Exchange Commission…. If Elliott is successful in buying Travelport, it could represent the largest leveraged buyout the fund has led, rather than in collaboration with other private equity firms.