Third Point Adds To Yahoo! Investment

Jul 26 2012 | 11:51am ET

Third Point liked Yahoo! before it won three of its board seats and the head of its CEO and founder. Now that it's got those seats, it can't get enough of the Internet company.

The New York-based activist hedge fund bought another 2.5 million shares in the second quarter; the hedge fund had already added 14.5 million shares to its now 73 million share stake in the first quarter.

Third Point now owns about $1.1 billion in Yahoo! shares, which is its largest investment and which accounts for about 6% of the company's outstanding shares.

In May, Third Point won three board seats and the resignation of Yahoo! CEO Scott Thompson, who the hedge fund had hounded over his allegedly fudged academic credentials. Thompson was replaced this month by Marissa Mayer, a former Google Inc. executive.

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