Third Point Goes Activist on Baxter ~ market folly

Wednesday, August 5, 2015

Third Point Goes Activist on Baxter

Dan Loeb's hedge fund firm Third Point has filed a 13D with the SEC regarding Baxter (BAX).  Per the filing, Third Point now owns 7% of the company with over 37.9 million shares.

This is a new position for the hedge fund and the filing was made due to activity on August 4th.  The filing also details their trading activity and Loeb's firm was out buying BAX in mid-to-late June and throughout July.  They really ramped up buying in the first few days of August around $40.49.

Third Point is seeking to gain two board seats in order to help in selecting a new CEO and sent a letter to Baxter. You can view the letter here

For more from Loeb's firm, head to Third Point's Q2 letter.

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