Copy writers.West Coast Asset Management tends to operate in a low-key manner similar to that of its co-owner, Kinko's cofounder co·found tr.v. co·found·ed, co·found·ing, co·founds To establish or found in concert with another or others. co·found Paul Orfalea Paul Orfalea (Arabic: بول أورفاليا), nicknamed "Kinko" because of his curly red hair, born in Los Angeles, California to parents of Lebanese decent, founded the copy-chain . But the Ventura-based money manager found itself playing a more public role during a five-month bidding war for a specialty drug-maker that ended earlier this month. Normally, West Coast quietly manages its $110 million portfolio, which includes a 2.2 percent stake in Compton-based Arden Group, the parent of the Gelson's supermarket chain. Orfalea, who founded West Coast three years ago after leaving Kinko's, shares investment decisions with his cousin Lance Helfert, a former Wilshire Associates analyst. West Coast uncharacteristically un·char·ac·ter·is·tic adj. Unusual or atypical: an uncharacteristic display of anger. un went public with its complaints in August when Minnesota-based Cima Labs Inc., in which it holds a 2.5 percent stake, became the target of a bidding war between rivals aaiPharma--which already agreed to buy the company for $22--and Cephalon Ceph´a`lon n. 1. (Zool.) The head. , which offered $4 per share more. Attacking both bids as being "well below its intrinsic value Intrinsic Value 1. The value of a company or an asset based on an underlying perception of the value. 2. For call options, this is the difference between the underlying stock's price and the strike price. ," West Coast claimed in an August press release that Cima's shares were worth at least $32 after taking into account its "vast real estate," $135 million in cash and its OraVescent technology for creating easier-to-dissolve drug coatings. "Cima was going to stick with the aaiPharma bid, but they couldn't get anyone to sign on. After we complained about the Cephalon bid, they couldn't possibly accept the Cephalon bid either," said Helfert. After complaints from other shareholders and a third bid, Cima accepted a sweetened sweet·en v. sweet·ened, sweet·en·ing, sweet·ens v.tr. 1. To make sweet or sweeter by adding sugar, honey, saccharin, or another sweet substance. 2. To make more pleasant or agreeable. $34-per-share offer from Cephalon on Nov. 5. West Coast, which bought its stake at $22 per share, stands to reap a $4.4 million profit for its clients. "We never want to go public," said Helfert. "Paul and I are just long-term investors, not ones to stir things up. We just want the full value." |
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