Sun, Feb 25, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Activist hedge fund manager Dan Loeb sells 40m Yahoo shares

Tuesday, July 23, 2013

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......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Art & Motion launches collectible car alternative investment vehicle[more]

    Komfie Manalo, Opalesque Asia: Luxembourg-based Art & Motion has launched a new investment vehicle dedicated to vintage cars and exceptional high-quality vehicles as this collectible market has grown exponentially the turn of the centu

  2. Opalesque Exclusive: Global Sigma captures February's long-vol trade[more]

    Bailey McCann, Opalesque New York for New Managers: Florida-based Global Sigma rode February's volatility to new highs. The firm's AGSF strategy is up +2.8 percent through February 16 and +4.2 percent YTD a

  3. Institutional Investors - Hedge funds regain their appeal for a $57 billion asset manager, Private credit strategies in stratosphere[more]

    Hedge funds regain their appeal for a $57 billion asset manager From Bloomberg.com: With volatility back on the radar, one of the Nordic region's biggest asset managers is considering relying a bit more on hedge funds to help oversee his portfolio. Mikko Mursula, the chief investment off

  4. Investing - All aboard for hedge funds as trade tide lifts shipping, Hedge funds pile into Time Warner in bet on merger success[more]

    All aboard for hedge funds as trade tide lifts shipping From Reuters.com: Forced to abandon ship after mistiming their investments five years ago, hedge funds are venturing back in a bid to profit from growing global trade flows. Around 90 percent of traded goods by volume are tran

  5. Investing - Hedge funds turn short on tech just as stock rally takes off, After biggest short, speculators slash bearish US bond bets as supply deluge looms[more]

    Hedge funds turn short on tech just as stock rally takes off From Newsmax.com: A key group of investors has just missed out on the biggest tech-stock rally since 2014. Hedge funds and other large speculators turned net short on Nasdaq 100 Index futures for the first time in 21 months, ac