Sony Won't Talk Loeb Plan At Meeting

Jun 19 2013 | 10:52am ET

Sony Corp.'s annual shareholders meeting is tomorrow, but you won't hear about the biggest news facing the company or see its largest shareholder there.

U.S. hedge fund Third Point's proposal that Sony spin-off part of its entertainment division is not on the agenda for the meeting. And Third Point chief Dan Loeb, who last month went to Japan to meet with Sony executives and who has pushed for a board seat at the company, will not be present.

It is unclear why Loeb won't be making the trip to Tokyo, Reuters reports.

Activists have long had a tough time in Japan, and Loeb took pains to avoid the appearance of a corporate raider from abroad in his first approach to the company. But this week he told Sony that Third Point had boosted its stake in the company to about 7%, making it Sony's largest investor, and pushed again for a partial spin-off of Sony Entertainment.

Despite the planned no-show, Loeb will continue to push his plan for Sony.

Sony has said it will consider Third Point's proposals.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

Agecroft Partners: Hedge Fund Industry Assets to increase $250B by Summer 2016

Aug 11 2015 | 11:29am ET

Assets will continue to flow into the hedge fund industry despite long-standing...

 

Editor's Note