Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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From: Peter V	7/22/2013 5:04:22 PM
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Loeb to sell 40M Yahoo shares as he leaves board news.yahoo.com SAN FRANCISCO (AP) — Activist investor Dan Loeb is leaving Yahoo's board with a windfall after a 15-month stint that vindicated his crusade to shake up the long-slumping company under new leadership. Yahoo Inc. is spending $1.16 billion to buy back 40 million of the shares that Loeb's hedge fund, Third Point LLC, began buying in 2011 around the same time Yahoo was ushering out Carol Bartz as its CEO. Third Point is being paid $29.11 per share, more than double the average of $13.77 per share that it paid while accumulating a 5.8 percent stake in Yahoo. Based on that price, Loeb and his New York hedge fund will realize a pretax gain of about $610 million from the sale. Loeb, who already has an estimated fortune of $1.5 billion, will retain a stake of less than 2 percent in Yahoo. [MORE]

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