Dan Loeb’s Third Point, the activist group that last year engineered the departure of Yahoo chief executive Scott Thompson and the appointment of Marissa Mayer as his replacement, is selling down its stake in the web company after more than doubling his investment.
Yahoo announced yesterday that it would repurchase 40m shares from Third Point at $29.11 each, taking the fund’s stake to less than 2 per cent of the internet portal.
The total value of the sale is $1.2bn, and Third Point’s remaining stake is worth slightly more than $500m at yesterday’s prices.
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