Dan Loeb's hedge fund firm Third Point filed a Form 4 with the SEC regarding trading activity in shares of Yahoo (YHOO).
Per the filing, Third Point sold 1.4 million shares on July 19th at a weighted average price of $29.30. Additionally, they entered into an agreement with Yahoo where the company would buy 40 million shares from Third Point at $29.11. Additionally, Loeb would step down from the board.
After all is said and done, Third Point is left with a 20.6 million share position in Yahoo. YHOO had previously been Third Point's top holding, but obviously it has now slid down their position sheet and they now have some new cash to put to work.
For more on this hedge fund, head to Third Point's June exposure report.
Wednesday, July 24, 2013
Third Point Sells YHOO Shares to Yahoo
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