Third Point Gets Board Seat at Baxter ~ market folly

Wednesday, September 30, 2015

Third Point Gets Board Seat at Baxter

Dan Loeb's hedge fund firm Third Point has filed an amended 13D with the SEC regarding its activist position in Baxter (BAX).  Per the filing, Third Point now owns 9.9% of the company with over 53.85 million shares.

This is up slightly from the 52.5 million shares Third Point owned previously, though the filing shows their most recent buying activity as August 7th for 1.35 million shares at $41.80. 

The filing was made due to activity on September 29th as the firm entered into a support agreement with the company.  Additionally, Third Point's Munib Islam will join Baxter's board of directors.

Third Point also agreed to a standstill whereby they won't acquire more than 13% of the company's shares.

Third Point has already increased its Baxter stake in August.  For more from this hedge fund, you can view Third Point's Q2 letter here.

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