Aussie in New York breaks through tech’s M&A drought

New York| A little known Australian fund manager, Edgeworth Capital, has emerged as one of the largest shareholders in a €676.15 million ($1 billion) French takeover target, ESI Group, after building a high-conviction position in the stock that became the fund’s biggest investment.

Last month, the global software simulation company announced it had received several takeover offers. Bloomberg reported that five private equity firms and multinational software corporation Dassault Systèmes were evaluating bids.