Loeb Up Over $100M on Yahoo! (YHOO) Stake
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With Yahoo! (Nasdaq: YHOO) back to looking for another CEO, activist investor Dan Loeb is doing pretty well on his large investment.
Loeb's Third Point hedge fund owns about 5.8 percent of Yahoo! Loeb has been pushing for Board changes since September 2011, a move which caused the ousting of then-CEO Carol Bartz and appointment of Tim Morse to run the show on an interim basis.
Third Point's stake in Yahoo! was as much as 65 million shares last September. That number moved to 48 million in the third quarter and up to 46 million through the fourth quarter of 2011. His cost basis during the initial investment was $12.73 per share
The recent turmoil with former CEO Scott Thompson, whose resume claimed he had a Computer Science degree in addition to an Accounting degree, added some activity, but Yahoo! shares are just about flat from where the stock was ahead of the ordeal.
Recently, Third Point and Yahoo! dropped a proxy battle, with Loeb and two other Third Point nominees getting board seats. The others are Harry Wilson and Michael Wolf.
Shares of Yahoo! are off about 0.2 percent Tuesday.
Loeb's Third Point hedge fund owns about 5.8 percent of Yahoo! Loeb has been pushing for Board changes since September 2011, a move which caused the ousting of then-CEO Carol Bartz and appointment of Tim Morse to run the show on an interim basis.
Third Point's stake in Yahoo! was as much as 65 million shares last September. That number moved to 48 million in the third quarter and up to 46 million through the fourth quarter of 2011. His cost basis during the initial investment was $12.73 per share
The recent turmoil with former CEO Scott Thompson, whose resume claimed he had a Computer Science degree in addition to an Accounting degree, added some activity, but Yahoo! shares are just about flat from where the stock was ahead of the ordeal.
Recently, Third Point and Yahoo! dropped a proxy battle, with Loeb and two other Third Point nominees getting board seats. The others are Harry Wilson and Michael Wolf.
Shares of Yahoo! are off about 0.2 percent Tuesday.
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