The chairman of fund manager Magellan said spending $75 million to buy options linked to one of its stock strategies was a smart decision that reflected a campaign by activists led by Nick Bolton and Anthony Catalano, who have profited heavily from their options gambit.

Keybridge Capital, a company controlled by Mr. Bolton and of which Mr. Catalano is a director, received about a $17 million windfall from the campaign when its 178 million options were acquired by Magellan.

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