George Soros Buys Convertible Bonds In Digital River


George Soros’, Soros Fund Management, a hedge fund management company, which he founded in 1969, bought 2% convertible Bond holdings in Digital River, Inc. (NASDAQ:DRIV), which can be converted any time, and are set to expire in 2030. The transaction took place on October 4, indirectly via Robert Soros, the son of George Soros. The bonds are convertible into $71,543 shares of common stock at a unit price of $49.131 per share.

George Soros Buys Convertible Bonds In Digital River

George Soros’ newly acquired bonds are valued at $3,378,793.75, and he now holds a total of $255,137,000, worth of derivative securities in the Minnesota-based Internet and Software services company.

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The famous hedge fund manager, also acquired 2,465,754 shares of Exar Corporation (NASDAQ:EXAR), as per a July 2nd Form 13G filing, and added 100,000 shares of the California-based semiconductor company, on September 28, to bring his total holding in the company to 6,366,666, or nearly 6%.

According to the SEC Form 4 filing, George Soros owns 73% of  the convertible  bonds in Digital River Inc. (NASDAQ:DRIV).

Digital River, Inc. (NASDAQ:DRIV) has 33.45 million shares of common stock outstanding. It is a mid-cap company with a market capitalization of $532.89 million, and an enterprise value of $237 million. Its trailing twelve-month profit margin stands at 3.69%, while its operating margin is pegged at 7.04%, for the same period.

The Internet and Software company has a trailing twelve-month price to earnings ratio of 37.57x, and forward P/E for the period ending 31st Dec 2013, of 13.97x. The industry P/E ratio average stands at 28.o51x. Digital river faces direct competition from Accenture plc (NYSE:ACN).

At the time of this writing, Digital River, Inc. (NASDAQ:DRIV) stock was trading at $15.91 per share, up $0.15, or 0.95% rise from yesterday’s close.

On the other hand, Exar Corporation (NASDAQ:EXAR) has 45.71 million shares of common stock outstanding, and is yet another mid-cap company with $363.85 million worth of market capitalization, and an enterprise value of $174.11 million. The semiconductor manufacturer, Exar Corporation (NASDAQ:EXAR)’s, stock was trading at $7.96 per share, up $0.02, or 0.25% rise from yesterday’s close.

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