Loeb's Third Point Registers Apple, Google, Cisco Stakes

Date : 05/15/2012 @ 5:51PM
Source : Dow Jones News
Stock : Yahoo! Inc. (MM) (YHOO)
Quote : 48.4  0.25 (0.52%) @ 4:03PM

Loeb's Third Point Registers Apple, Google, Cisco Stakes

Yahoo! Inc. (MM) (NASDAQ:YHOO)
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SAN FRANCISCO (Dow Jones) -- Third Point LLC, the hedge fund that recently won a proxy battle for further control of embattled Internet firm Yahoo Inc. (YHOO), has turned its attention to other large tech firms recently.

In a regulatory filing Tuesday, Third Point, which is run by Dan Loeb, registered the ownership of slightly more than 360,000 shares of Apple Inc. (AAPL) in the quarter ended in March.

Third Point also reported holding 280,000 shares of Internet search heavyweight Google Inc. (GOOG) in the period, and 5 million shares of networking gear maker Cisco Systems Inc. (CSCO)

None of the stakes in tech majors had been disclosed in Third Point's previous ownership filing in February.

Third Point has been embroiled in a nasty contest with the board at Yahoo for added control of the troubled company.

That contest ended over the weekend, when Yahoo announced that its CEO Scott Thompson was stepping aside and that Loeb and two of his nominees will be added as board members.

Third Point, which owns a roughly 6% stake in Yahoo, had flagged an inaccuracy in Thompson's academic record included in the company's regulatory filings. Yahoo stated he had earned a bachelor's degree in accounting and computer science, though he only had an accounting degree.

In the wake of that revelation, Thompson agreed to resign and has left the company with no severance pay. He has been replaced by interim CEO Ross Levinsohn, an executive who has been with Yahoo since 2010.

-By John Letzing, Dow Jones Newswires; 415-765-8230; john.letzing@dowjones.com




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