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Hedge fund mogul Eric Mindich escaped AbbVie deal

By
Michelle Celarier
Published Oct. 17, 2014, 10:54 p.m. ET

At least one prominent hedge fund mogul who played the now-busted $55 billion AbbVie-Shire deal got out in the nick of time, The Post has learned.

Eric Mindich, one of a handful of hedgies who cut their trading teeth on Goldman Sachs’ risk arb desk, told investors that his Eton Park Capital hedge fund decided to take its profits in Shire in September because of the risks associated with the deal.

Shire is based in Ireland, and AbbVie hoped to take advantage of the country’s lower tax rate in a tax-inversion deal.

But the Obama administration has been railing against the loss of revenue, and Treasury Secretary Jack Lew, on Sept 8, promised to crack down on inversions “in the very near future.”

AbbVie decided to walk away from the deal on Wednesday, and Shire shares tumbled 30 percent.

Shire was Eton Park’s fourth-best performing holding in September, Mindich told investors in his third-quarter letter.

Another Goldman risk-arb veteran, Frank Brosens of Taconic Capital, didn’t fare so well. Taconic was buying Shire as recently as this week and told investors in a call Thursday that the firm sold down its position when AbbVie nixed the deal.

Mindich and Brosens did not return calls for comment.