WALL STREET – Shares in EFD, known until recently as eFunds Corp., rose yesterday after news that a hedge fund had taken a major stake in the funds processor. The company, which is rumored to be a target–as competitors have fallen prey to takeovers in recent months–reported earlier that it has been approached by potential suitors. New York-based Scoggin Capital Management reported Wednesday that it has acquired 3.2 million EFD shares, a 6.8% stake. EFD provides transactions processing for the credit union-owned CO-OP Financial Services and provides processing and fraud prevention for dozens of credit unions.
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