Dan Loeb's Third Point LLC filed a Form 4 with the SEC late yesterday indicating they'd increased their stake by 2.5 million shares. Third Point bought 1.696 million shares at a weighted average price of $15.82 on July 20th and 804,000 shares at a weighted average of $15.67 on July 23rd.
After these purchases, Third Point now owns 73 million shares of YHOO. Yahoo just recently named top Google executive Marissa Mayer as its new CEO in a move largely applauded by investors. As we detailed in Third Point's latest exposure report, YHOO is their top holding.
And back in May, YHOO also made Goldman Sachs' VIP list of most important stocks to hedge funds. While Loeb's activist campaign is moving along nicely, the core Yahoo business still faces one obstacle: getting more people to come back and use their services daily like most people use Google.
Wednesday, July 25, 2012
Dan Loeb Adds to Yahoo! Stake
blog comments powered by Disqus
