Wed, Jun 29, 2016
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. Blackstone buys minority stake in New York-based credit hedge fund Marathon[more]

    Benedicte Gravrand, Opalesque Geneva: Blackstone Strategic Capital Holdings Fund, a vehicle managed by Blackstone Alternative Asset Management (BAAM), has acquired a passive, minority interest in Marathon Asset Management, for an undisclosed sum. Based in New York,

  2. Investing - Soros, Druckenmiller among hedgies profiting in market plunge, Hedge funds were most bullish on bonds since 2004 before Brexit, Surprise Brexit vote unleashes scramble for dollars, High-yield hit on Brexit but no panic selling, Scientist turned hedge fund founder lured to pound, euro, Hedge fund avoids commodities, posts big gains[more]

    Soros, Druckenmiller among hedgies profiting in market plunge From HITC.com: Bullish positions in gold and volatility and well-timed short bets on China and emerging markets, among other areas, were some of the trades that benefited hedge funds on Friday as markets digested Britons' s

  3. Manager Profile - A 26-year old hedge fund manager called Brexit — here's what he thinks about the historic vote[more]

    From Businessinsider.com: Taylor Mann is not your typical fund manager. The twenty-six year old Texas A&M graduate manages Pine Capital in Larue, Texas (population 160), where he resides with his three-year old daughter. Also atypical compared with many of the largest funds out there, Mann makes

  4. Visium hedge fund manager Sanjay Valvani found dead[more]

    Benedicte Gravrand, Opalesque London: A hedge fund manager connected with an insider trading case has apparently committed suicide. Sanjay Valvani, 44, a hedge fund manager at New York-based Visium Asset Management, was found dead in an apparent suicide on 21 June in his Brooklyn residence,

  5. People - Mariner Investment’s co-CIO Williams to leave $5.5bn firm, IOOF hires new alternatives portfolio manager[more]

    Mariner Investment’s co-CIO Williams to leave $5.5bn firm From Bloomberg.com: Basil Williams, co-chief investment officer of Mariner Investment Group, is leaving the $5.5 billion hedge-fund firm after negotiations to renew his contract failed. Williams will stay in his role until t