Daniel Loeb’s Third Point is pushing for Sony to spin off its chip business, saying its stock is undervalued and its portfolio should be less complex
Daniel Loeb’s activist hedge fund has Sony Corp. back in its sights and is pushing the Japanese electronics and entertainment company to spin off its semiconductor business.
Third Point LLC said in a letter to investors Thursday that Sony’s stock is undervalued and that the company’s portfolio needs to be less complex. Third Point said it has invested $1.5 billion in building its position in Sony.
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