Friday, 19 September 2014
Last updated 8 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.