Posts tagged 'third point'

Sony to Loeb: ‘Thanks, but no thanks Dan’

David joined the FT in 2011 as a Marjorie Deane fellow. He covered emerging markets, equities and currencies before making the jump over to FT Alphaville in May 2012.

Learn more

| Subscribe to David's posts
| May 14 09:03 | Comment |

That’s the gist of Sony’s response to billionaire activist investor Daniel Loeb’s suggestion, made via hand-delivered letter, that Sony should break itself up. It stems from an NYT Andrew Ross Sorkin exclusive.

Loeb’s idea is basically: partially spin out Sony’s entertainment division via an IPO which Loeb’s Third Point fund would happily sign up to. He’d also gladly accept a seat on Sony’s board. As the NYT noted, Loeb is known for ousting Yahoo’s former chief executive and poaching Marissa Mayer from Google to run the company. His hedge fund has quietly amassed a stake of about 6.5 per cent in Sony, making it one of the biggest shareholders.

From Loeb’s letter to Sony’s president and CEO Kazuo Hirai: Read more

Yahoo investor calls for board to resign

Kate is FT AV’s Asia Correspondent. She joined FT Alphaville in mid-2011 after carrying out various roles in the FT’s London office since 2005: interactive editor, companies reporter, and founding editor of the FT’s Energy Source blog.

Learn more

| Subscribe to Kate's posts
| Sep 09 2011 05:37 | Comment |

Yahoo chairman Roy Bostock, who ousted chief executive Carol Bartz this week, is now under pressure himself from a key investor, Bloomberg reports. Third Point, a New York investment firm which holds a  5.2 per cent stake in Yahoo, urged Mr Bostock and his fellow directors to resign yesterday, citing their responsibility for the company’s poor performance. The letter added to continuing criticism leveled at the board for its poor performance since spurning Microsoft’s takeover bid in 2008, and for failing to pick leaders who could restore the fortunes of the pioneering web company. Read more

Sell in May… Hedge funds hit hard

FT Hedge Fund Correspondent

Learn more

Subscribe to Sam's posts
| Jun 09 2010 21:07 | Comment |

An end of May snapshot…

Tudor BVI Global MTD (2.26%) YTD: (0.49%) Read more

Dear hedge fund investor… May has been a … multidirectional month

FT Hedge Fund Correspondent

Learn more

Subscribe to Sam's posts
| May 26 2010 08:35 | Comment |

It’s not so much the depth of the losses, FT Alphaville writes — though in some instances they have been nasty. Rather, it’s their breadth — across strategies, asset classes and managers — that has made May a particularly painful month for much of the hedge fund industry. Read more

Egg on one’s face

FT Hedge Fund Correspondent

Learn more

Subscribe to Sam's posts
| May 14 2009 14:57 | Comment |

It’s art hour here on FT Alphaville.

The Celebration series is comprised of an ambitious body of sixteen paintings and over twenty stainless steel sculptures focusing on toys, presents, and other small childhood objects, all rendered with spectacular attention to detail and phenomenal realism. The present work is an excellent example of the artist choosing an everyday, banal object — a chocolate Easter egg — and exalting it through an obsession with craft. As with many of his works, Koons creates a work of art that appeals to multiple senses, as astounding colors delight our vision and the tactile rendering of the blue foil and pink bow begs to be touched. Executed in 1994–2008, the present work is one of five versions, each of which is uniquely colored. Read more

SEC probes Third Point

| Aug 20 2008 18:16 | Comment |

Aggressive activist Dan Loeb’s hedge fund Third Point is being investigated by the Securities and Exchange Commission over talks its managers regularly have with rivals at other funds.

According to Third Point’s quarterly letter to investors last month, first reported by Alpha magazine, the financial regulator has started a “formal investigation” of the $3.3bn fund after being told of the discussions. Mr Loeb – known for his forthright public letters to executives he disagrees with – wrote: Read more

Icahn gains hedge fund support on Yahoo

| May 21 2008 05:39 | Comment |

Third Point, a $5.7bn hedge fund headed by activist Dan Loeb, has recently accumulated a stake of over 5m shares in Yahoo and is supporting investor Carl Icahn’s proxy battle, Reuters reports. Third Point, which held 1m shares in Yahoo as of March 31, may build its stake to up to 10m shares. Oil investor T. Boone Pickens is also supporting Icahn, saying earlier that he had acquired 10m shares in Yahoo. Icahn’s proxy contest, launched last week, is aimed at pressuring Yahoo to agree to be sold to Microsoft after Yahoo rejected its offer to buy the company for $47.5bn. But the companies said Sunday they have revived talks. Read more

Subprime fears hit financial services IPOs

| Jul 20 2007 08:10 | Comment |

Investor nervousness over losses related to the US subprime lending crisis has hit demand for financial-services share offerings and prompted US Fed governor Ben Bernanke on Thursday to estimate the losses could reach up to $100bn, reports the FT.

However, in a trend that shows growing divergence between the fortunes of financial services and non-financial sector shares, some IPOs this week have done well in US markets. Read more

Third Point delays fund float

Helen Thomas is the FT's mining correspondent in London. Previously she was a Lex writer, and also on FT Alphaville.

Learn more

Subscribe to Helen's posts
| Jul 18 2007 12:07 | Comment |

The decision to float a fund at all – and specifically to list in London – was bold, said Lombard back in June, when hedge fund Third Point announced plans for a listing. Demand for shares in the capital’s first main market hedge fund, listed by Brevan Howard in March, was not brilliant, and other investment groups have either dropped the idea, or opted for other centres, notably Amsterdam.

Those, as Carlyle found, have also not had an easy ride, though Lehman Brothers on Wednesday got its €500m IPO of a private equity fund of funds on Euronext away.
For a moment on Wednesday morning, it seemed that it was a bold move too far for Daniel Loeb, the founder of Thrid Point, known for his acerbic letters to underperforming companies. A note on the London Stock Exchange’s website said only that the fund, Third Point Offshore Investors had postponed trading in its shares until further notice. Read more

Daniel Loeb’s edited highlights

Helen Thomas is the FT's mining correspondent in London. Previously she was a Lex writer, and also on FT Alphaville.

Learn more

Subscribe to Helen's posts
| Jun 14 2007 09:04 | Comment |

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

Loeb’s Third Point plans London listing

| Jun 14 2007 05:46 | Comment |

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. Read more

Hedge fund activism – the Third Point way

Helen Thomas is the FT's mining correspondent in London. Previously she was a Lex writer, and also on FT Alphaville.

Learn more

Subscribe to Helen's posts
| Apr 12 2007 09:01 | Comment |

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