Precy Dumlao, Opalesque Asia:
Activist hedge fund manager Dan Loeb of Third Point sold his entire stake in Yahoo for a huge profit as he also left the search engine’s board after a successful campaign to shake up the firm’s leadership, various media reported.
According to Deseret News, Loeb is expected to get at least $1.6bn from his 40 million shares at Yahoo or at $29.11 per share that he started accumulating in 2011.
Loeb bought the shares at $13.77 per share that earned him a minority 5.8% shares in Yahoo. Industry estimates put Loeb’s pretax gain from the deal to reach $610m. Loeb will still retain a 2% stake in Yahoo after this deal.
Loeb fought a bitter leadership shake up in Yahoo and forced the resignation of then CEO Scott Thompson in May whom he revealed as lacking a computer science degree. He was able to bring in two hand-picked choices turnaround specialist Harry Wilson and former MTV executive Michael Wolfe into Yahoo’s board. Wilson and Wolfe will be leaving the firm with Loeb.
He also succeeded in convincing Yahoo to shed nearly all of its position in Chinese internet firm Alibaba Group for $7.6bn.
In separate news, PC Advisor reported that Rosen, who now heads Yahoo’s gl......................
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