Third Point founder Dan Loeb’s second effort at getting Sony to blow itself up into a bunch of little Sonys has been no more successful than his first. While his change of heart as to which parts of Sony should go away and which parts should stick around has meant that this time he hasn’t been left off of any prestigious guest lists (not that there are many parties worth going to these days, anyway), it has ended in precisely the same way: Sony saying “no,” and Danny selling up.
This, we’re sure, is disappointing for Loeb, who doesn’t take “no” for an answer well, and certainly would seem unlikely to enjoy it more as an underwhelming sequel. But he’s pretty busy these days, and in spite of Sony’s intransigence, he can’t really be entirely dissatisfied with how it all worked out.
Third Point owned 1.5 million ADRs at the end of December 2019 and 675,000 at the end of March. At the end of June, Third Point’s filing no longer listed Sony as a holding…. Sony has been a big winner for the New York-based hedge fund. Shares of Sony have surged about 80% since April last year, when Reuters first reported that the fund was building a stake.
Plus, he’s not quite done with Sony yet.
The fund, headed by one of the world’s highest-profile activist investors, Daniel Loeb, still owns a large portion of the company’s Japanese shares….