Another hedge fund resists ABN deal

Seacliff Capital, a San Francisco hedge fund, has joined the ranks of those opposing Barclays’ bid for ABN AMRO, published reports said. “We are not a large shareholder but we do not understand the logic of the deal. We are very unhappy with it and would vote against it,” James Ellman, Seacliff’s president, said yesterday according to the Financial Times. Seacliff sent e-mails to Barclays’ management, expressing concern over the deal. The hedge fund also reduced its small holding in the British bank in half once the news of the bid broke, the Financial Times said. News of Seacliff’s discontent comes on the heels of New York activist hedge Atticus Capital’s resistance to the bid. Yesterday, Atticus purchased an estimated 1% stake in Barclays and announced its opposition to the ABN AMRO deal. Barclays responded by saying that Atticus’s views are not representative of feedback from other shareholders, according to The Wall Street Journal.