Wednesday, 26 November 2014
Last updated 9 hours ago
Feb 13 2014 | 11:49am ET
Third Point's Daniel Loeb has lashed out at Dow Chemical after the company formally rejected his break-up proposal.
Dow said yesterday that an internal review had determined that Loeb's plan to spin-off its petrochemical business would have "negatively impacted Dow's value proposition." But Loeb isn't known for taking "no" for an answer, or for holding his tongue, and let loose following the rejection.
The activist hedge fund manager blasted the "lack of transparency" surrounding the internal review, noting "we know neither the methodology nor ever the advisers used to arrive at its decision."
"Transparency," Loeb noted, "is essential considering Dow's undistinguished track record of capital allocation decisions."
Loeb added that Third Point would even sign a non-disclosure agreement if Dow allowed it to review its books.
Third Point's stake in Dow is now its largest, Loeb told investors. The firm has not disclosed exactly how large it is, however.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...