Dan Loeb’s Third Point Enters the Yahoo! Fray

Will we get a scathing letter to Yahoo! management from Dan Loeb? Lets hope so, Dan’s new life with a wife has taken some of the fun out of Wall Street, but his Third Point LLC is backing Icahn as the assembled team arrayed against Yahoo! is beginning to resemble the New York Yankees, circa 1927:

Third Point LLC, a $5.7 billion hedge fund headed by activist Dan Loeb, has recently accumulated a stake of over 5 million shares in Yahoo Inc and is supporting investor Carl Icahn’s proxy battle, a source familiar with the matter said on Tuesday.

Third Point, which held 1 million shares in Yahoo as of March 31, may build a stake of up to 10 million shares in the company, the source said. Reuters

Although Loeb is known as an activist, he is really event-driven with an occasional twist. But if he truly is involved it brings another dimension to the story, and you can add to him a growing shareholder list that includes T. Boone Pickens and John Paulson.

Resistance is futile, Jerry Yang.

Third Point backs Icahn in Yahoo fight
Reuters
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