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Singer buys more shares of Arbinet-thexchange
By Lisa Kerner
Charlotte, N.C., Feb. 18 - Investor Karen Singer upped her stake in Arbinet-thexchange, Inc. to 20.2% with the purchase of 252,584 additional shares of the company's stock.
According to a schedule 13D/A filed with the Securities and Exchange Commission, the shares were acquired between Dec. 22 and Feb. 6 at prices from $1.52 to $1.60 each.
The investor beneficially owns 4,494,192 shares of the New Brunswick, N.J., electronic market operator company.
In December, Singer's affiliate, Singer Children's Management Trust, entered into an amended and restated stock ownership agreement with Arbinet-thexchange.
A committee of disinterested members of Arbinet-thexchange's board of directors approved the trust's purchase of up to 5,141,608 shares (the share limit) of the company's outstanding voting stock as part of the agreement, a prior SEC filing said.
The agreement also prohibits the Singer entities and their affiliates from engaging in any business combination with Arbinet-thexchange for three years from the date the Singer entities exceed the share limit, it was previously reported.
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