Sun, Oct 4, 2015
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. Performance - Hedge fund moguls Einhorn, Loeb, Rosenstein lose money in September, Risky strategy sinks small hedge fund[more]

    Hedge fund moguls Einhorn, Loeb, Rosenstein lose money in September From Billionaire stock pickers David Einhorn, Daniel Loeb and Barry Rosenstein on Wednesday told their wealthy investors they lost money in September as market turmoil inflicted more pain on some of America'

  2. Opalesque Exclusive: IRAs represent billions of untapped capital for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva: Retirement accounts might not be the first source that comes to mind for those looking to raise funds, but they may represent billions of untapped capital. Unlike traditional retirement accounts,

  3. Opalesque TV: One way to access market hedge funds in the EU under the AIFMD radar[more]

    Benedicte Gravrand, Opalesque Geneva: While the Cayman Islands, the US and Hong Kong await the pan-European marketing passport to be extended to alternative investment fund

  4. Vilas’ equity long bias hedge fund generates market-beating results[more]

    Komfie Manalo, Opalesque Asia: The Vilas Fund, an equity long bias fund managed by Chicago, Illinois-based Vilas Capital Management, posted five-year annualized returns, net of fees, of 23.47% vs. 15.87% for the S&P 500 Index, including divid

  5. Performance - Manager admits spin used to hide poor performance, Fortress macro hedge fund slumps 17.2% amid manager shakeup, In the hedge fund world, bigger is still better[more]

    Manager admits spin used to hide poor performance From … Colin McLean, managing director of SVM Asset Management, told FTAdviser that fund managers underperform all the time, so stories are often needed to mask or explain this. “People need to build a good framework