Third Point targets Sony once again
Daniel Loeb hedge fund Third Point is looking to increase its stake in Sony, raising between $500 million and $1 billion to purchase the Japanese conglomerate shares.
Third Point LLC is raising its stake in Sony, stocks jump over 9%.
Stocks impacted: Sony Corp (SNE)
It looks like Third Point, which has about $14.5 billion in assets under management, is to gain enough power to advocate for change at Sony. The move would be Third Point's second campaign for change at Sony in six years. The hedge fund wants Sony to explore options for some of its business units, including its movie studio, which the fund believes has attracted takeover interest. The sources behind the story are remaining anonymous due to the confidential nature of the news, while Sony and Third Point themselves declined to comment on the report. After the news, Sony shares rallied 9.3%.
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