Third Point Sets Sights On Nabi, Again

Nov 2 2006 | 11:54am ET

If there’s one thing we’ve learned about Daniel Loeb of Third Point, it’s that he makes good on his threats.

The activist hedge fund manager has filed a proxy statement seeking to boot five members–a majority–of the board of Nabi Biopharmaceuticals, including its CEO, Thomas McLain. Third Point owns 8.4% of the Boca Raton, Fla.-based company.
 
Last month, Nabi rejected Third Point’s demand to open its books to the New York-based hedge fund; the company said its management allowed inspection of only a “limited subset” of its documents. At the time, Third Point said it would proceed with a consent solicitation.

Nabi has responded to Third Point's most recent move by releasing a statement saying that it would review Third Point’s filing and “will communicate with stockholders in due course.”

This is not the first time that Loeb and McLain have butted heads, and if history is any indication, McLain should freshen up his résumé. In April, Loeb alleged that “the longstanding relationship between Mr. McLain and the Lehman [Brothers] investment bankers will prevent the company from receiving objective advice that will lead to the creation of maximum shareholder value.” Nabi responded by hiring Bank of America, a move praised by Loeb.


In Depth

Change In 'Accredited Investor' Definition Could Hurt Crowdfunding Space

Jul 25 2014 | 8:14am ET

The Securities and Exchange Commission is considering changes to its 30-year-old...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note