The activist investor's hedge fund, Third Point, penned an investors letter in which it argues the Japanese company, led by CEO Kenichiro Yoshida, should spin off its semiconductor business.
U.S. activist investor Dan Loeb's Third Point hedge fund has called on Japan's Sony Corp. to break up its electronics and entertainment units into separate businesses.letter to investors said Sony remained undervalued because of "portfolio complexity," which could be solved by spinning off the semiconductors business into a separate, publicly-traded company.
The entertainment-to-electronics group, led by CEO Kenichiro Yoshida, has seen its stock fall in 2019 on concerns about falling demand for the sensors it supplies to smartphones, falling sales of its PlayStation 4 console and concerns about a global economic slowdown. "Despite its operational excellence, strong leadership, diversified portfolio of outstanding businesses and tremendous potential for further value creation, Sony is undervalued and underestimated by the market," Third Point stated.
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