With two scalps and three board seats a Yahoo! already in hand, Third Point is stuffing some more stock in its pockets.
Indeed, even before the New York-based activist hedge fund won the seats and the resignation of CEO Scott Thompson this week, it had padded its already substantial stake in the embattled Internet company. Third Point bought 14.5 million shares in the first quarter to bring its stake to 5.8% of the company, currently worth more than $1 billion.
Third Point chief Daniel Loeb—who has been agitating for a board shakeup at Yahoo! since last year—and two other Third Point representatives will take their seats on the company's board at its annual meeting. Loeb's hounding of Thompson over allegedly fudged academic credentials helped lead to his resignation on Sunday, four months after Loeb's attacks helped push Yahoo! founder Jerry Yang out.