Third Point, the New York–based hedge fund managed by Daniel Loeb, has taken over most of his stake in California-based Yahoo in the third quarter, Bloomberg reports. The move comes amid efforts to make changes at the Internet search company. Third Point earlier held 48 million Yahoo common shares worth $632 million at the end of the September, before adding eight million more.
Third Point now owns 56 million shares of common stock in Yahoo and 10 million shares of common stock that can be bought through options. Loeb has sought two positions on Yahoo’s board of directors and co-founder Jerry Yang’s resignation on news of Yahoo mulling a deal with private equity firms. The firm has shed six million shares of Houston-based pipeline company El Paso Corp.
Click here for the story from Bloomberg.