Third Point sells 11 million Yahoo shares to maintain stake level
February 2, 2013 1:28 PM EST
Daniel Loeb's Third Point LLC on Friday sold 11 million of its Yahoo shares on Thursday and Friday, according to a filing with the U.S. Securities and Exchange Commission.
Third Point said in a statement on Friday that it sold the shares because it wanted to maintain a roughly consistent percentage holding of Yahoo's outstanding shares as the company pursues its $5 billion buyback authorization.
Yahoo bought back about 80 million shares worth $1.5 billion in the quarter ended December 31, under a $5 billion plan it authorized last May.
Third Point owned about 73 million Yahoo shares as of November 14, according to a regulatory filing.
The fund, which last year settled a bitter proxy battle with Yahoo after months of criticism of the company, said it owns about 62 million shares in Yahoo after Friday's sale.
Third Point is among Yahoo's largest shareholders.
The Internet giant is trying to reinvent itself amid intense competition and new chief executive Marissa Mayer has pleased Wall Street with stock buybacks.
Last week, the company's finance chief Ken Goldman said the company was not through buying back more shares, even as it invests in product engineering and marketing to grow revenues.
(Reporting by Zeba Siddiqui in Bangalore; editing by Carol Bishopric)
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Lunch with the Gods: Pope Francis Eats with Vatican Workers in Cafeteria
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Google Nexus 6, 8 with Android L on Release Date Promises Killer Mobile Device Experience
- Killer Whales Gobble Japanese Whaling Crew
- iPhone 6 Release Date Relevance to iOS Newbies: Specs Meaning, Price Considerations
- 12-inch MacBook Apple Retina and 2014 MacBook Pro to Feature Liquid Sensors, Release in October
- Travel at Own Risk; Emirates, Qantas Differ on Flying over Iraq Warzone; Emirates Reroutes, Qantas Pushes On
- The Pirate Bay Releases ‘The Mobile Bay’: Mobile Torrent Download Made Easier but Remains Illegal