Fri, Apr 27, 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. Investing - Sequoia takes Facebook stake as shares slide in data controversy, $1.4b hedge fund sees intact fundamentals for Facebook, Jim Cramer reveals some 'suggested hedge fund trades' amid the Trump tariffs[more]

    Sequoia takes Facebook stake as shares slide in data controversy From Bloomberg.com: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. "The recent controversy enab

  2. Activist Investors - Blue Sky-owned Wild Breads faces uncertain future[more]

    From AFR.com: A Blue Sky private equity investment in artisan-style baker Wild Breads enjoyed multiple valuation upgrades despite losing millions and breaching its lending covenants, accounts lodged with the regulator last week show. Wild Breads lost $2.4 million in 2017, but Blue Sky ascribed a hig

  3. Opalesque Exclusive: Barnegat to close hedge fund to outside investors on weak opportunities[more]

    Komfie Manalo, Opalesque Asia: Bob Treue's Barnegat Fund Management said it is closing its $666m fixed income relative value hedge fund to outside investors. "The negative side to gains in Fixed Income Arbitrage is that unless we find new opportunit

  4. Investing - Hedge fund makes a big bet on malls, British hedge fund manager Odey short UK government bonds on QE bet[more]

    Hedge fund makes a big bet on malls From Barrons.com: The dominant narrative on American shopping malls is that they're dead. Crushed by Amazon.com, many brick-and-mortar retail stores are destined for bankruptcy. And where is the most retail, clustered all together? Malls. From a

  5. Performance - Hedge funds suffer first back-to-back loss in two years, Netflix performance burns hedge fund short sellers, Macro hedge fund up 14.5% in first quarter sees dollar falling, Renaissance Technologies rebounds across hedge funds in March[more]

    Hedge funds suffer first back-to-back loss in two years From Bloomberg.com: Hedge Fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its