Auction house Sotheby's named Tom Ford International Chairman and former Gucci head Domenico De Sole as its lead independent director amid criticism from activist investor Daniel Loeb.
Tags: Third Point
Japan's Fanuc must do buybacks, capex plan no fix: Loeb
Activist investor Daniel Loeb said Fanuc Corp's plan to boost investments was not enough to fix its "blatant capital inefficiency", stepping up calls for the Japanese industrial robot maker to reward shareholders through major buybacks.
Top U.S. hedge funds cut Apple stakes ahead of all-time high
Top U.S. hedge fund management firms, including David Einhorn's Greenlight Capital and Philippe Laffont's Coatue Management, reduced their stakes in Apple Inc during the fourth quarter, ahead of the iPhone maker's strong rally in 2015, according to regulatory filings.
Despite Third Point, low expectations for Amgen breakup
Amgen Inc (AMGN.O), one of the world's largest biotechnology companies, will unveil next week its first strategy update since early 2013, but few expect a major shift like the split-up recently proposed by Daniel Loeb's Third Point hedge fund.
Adidas seeks to placate investors with share buyback
German sportswear maker Adidas, facing investor discontent over its underperforming share price, announced on Wednesday plans to return to shareholders as much as 1.5 billion euros ($1.9 billion) over the next three years.
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Sony Entertainment sought the advice of consultancy firm Bain & Company to help identify more than USD100 million in cost cuts. The Japanese conglomerate reportedly suffered a USD181 million operating loss in the second quarter.
When companies see activist investors as a threat before, a Reuters article said companies are now treating these types of investors as a catalyst for corporate change.
Sotheby's would adopt its shareholders right plan after Daniel Loeb's Third Point hedge fund planned to increase its stake in the company and pushed to shakeup the company's management team, said a Reuters report.
Third Point announced they want to put up around US$322.20 million in its IPO to bolster its underwriting capacity.
Activist hedge fund Third Point LLC decided to sell back 40 million worth of shares to Yahoo Inc. On Monday, Third Point LLC, an activist hedge fund, agreed to sell 40 million worth of shares in Yahoo back to the internet company.
Yahoo has purchased 40 million shares owned by Third Point at US$29.11 per share. Third Point LLC, the firm headed by Dan Loeb, was at the forefront in the change of Yahoo's board a couple of years back.
Sony's Kazuo Hirai: His priority for the company would be consumer electronics. Chief Executive Officer of Sony Corp. Kazuo Hirai, who is currently under pressure to sell shares of the firm's entertainment division, stated that turning around the troubled consumer electronics operation is his team's greatest priority.
Loeb shares insights on its investment ideas on Japan and his style. Daniel Loeb, the billionaire investor is not one to shy away from a good deal but as of the moment, he has his eyes set on Japan.
Third Point's Daniel S. Loeb is seeking the break up of Sony into separate parts for more focused business and profit.
