Saturday, 18 April 2015
Last updated 7 hours 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…