Hedge fund to boost stake in Agilysys

AP News
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Posted: Nov 20, 2009 3:06 PM

A New York hedge fund wants to increase its ownership stake in Agilysys Inc. but is not seeking to control the company.

MAK Capital One LLC, the investment manager of MAK Capital Fund and Paloma International L.P., plans to boost its ownership stake above 20 percent but below a third. MAK Capital is the largest shareholder of Agilysys, a provider of information technology services based in Cleveland.

MAK Capital One currently holds 19.2 percent of Agilysys and its managing director, R. Andrew Cueva, sits on the IT company's board.

Under Ohio law, Agilysys must get shareholder approval on the hedge fund's plan to own more than 20 percent of the company.

Agilysis said it will hold a special shareholders meeting on Jan. 5.

Shares of Agilysys were up 29 cents to $8.42 in afternoon trading.