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Yahoo’s discussions to sell its stake in Alibaba Group and its Japanese operations in a tax-efficient manner have reached an impasse, says Bloomberg, citing a person briefed on the matter. Representatives of Alibaba and Softbank, co-owner of Yahoo Japan, are prepared to approach Yahoo chief executive Scott Thompson to explore another arrangement that would let companies buy back their stakes, said the source. Yahoo is prepared to continue talks on potential deals that would create value for shareholders, a different person said. Reuters says the snag in the negotiations came on the same day that activist investor Daniel Loeb, of the hedge fund ThirdPoint, launched a campaign to install his own slate of directors on Yahoo’s board.
News that Third Point, the activist hedge fund led by Daniel Loeb, is to list a €500m-€700m fund in London brings the undisputed master of the poison pen to the UK’s shores.
Known for his abrasive turn of phrase,and venomous tongue, Loeb is among the highest profile, and surely the most entertaining, activists at work in the US. So this is an excellent time to look back at some of his finest work. Read more
Daniel Loeb’s Third Point Capital on Thursday will announce plans to list a €500m-€700m hedge fund in London in the first move by a US hedge fund to raise money from European equity investors. The move by the $6.7bn Third Point demonstrates confidence in demand for listed hedge funds following the disappointing €770m float of the first London main market hedge fund in March by Brevan Howard, the London manager. The listing – of Third Point Offshore Investors, a Guernsey-based company that will invest exclusively in Third Point’s main hedge fund – also brings one of New York’s most aggressive activists to London. Mr Loeb, known for berating executives, told the FT that in Europe he holds DaimlerChrysler, Philips and Infineon, had met their chief executives and had no plans to take an activist stance against them.
Take note. With hedge fund activism a growing presence in Britain, it would be nice (or at least entertaining) if those taking aim at the UK’s underperformers would do it with a little flair.
Step forward, Daniel Loeb, head of Third Point – known for his venomous tongue and sarcastic turn of phrase when expressing his dissatisfaction to companies he believes aren’t up to the job. Read more