Thursday, 2 October 2014
Last updated 17 min ago
Nov 12 2007 | 11:43am ET
Daniel Loeb is flying the white flag.
Loeb's activist hedge fund shop Third Point has dumped its remaining stake in PDL BioPharma, selling more than six million shares of the Fremont, Calif.-based pharmaceutical between Oct. 30 and Nov. 9. Loeb had unsuccessfully sought a board seat, though he said he was “encouraged” by the company’s decision to seek a sale.
But, in a letter to PDL’s board last month explaining why he had halved his firm’s stake to 5.1%, he ripped board chairman and interim CEO Patrick Gage for his “unsuitability” to lead the company—in addition to the board’s “continuing refusal to provide us with a voice in the company’s affairs through a board seat.”
Loeb sold 4.9 million shares in the last three days of last week alone.
But PDL is not out of the activist hedge fund woods: As Third Point sold off its entire stake in the company, Dallas-based Highland Capital Management has built up a 5.2% stake in PDL over the past few months, and is calling for many of the same changes Third Point sought.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
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