NEW YORK--(BUSINESS WIRE)--As referenced in the Form 4 filed today with the SEC, funds managed by Third Point LLC (“Third Point” or “the funds”) recently sold 11 million shares of Yahoo, Inc. common stock. As a result of these sales, Third Point owns 62 million Yahoo shares, most of which the funds have held since Q3 2011.
These sales were motivated by Third Point’s desire to maintain a roughly consistent percentage holding of Yahoo’s outstanding shares as the company pursues its $5 billion buy-back authorization.
About Third Point LLC: Third Point LLC is an SEC-registered investment adviser headquartered in New York, managing $11.2 billion in assets. Founded in 1995, Third Point follows an event-driven approach to investing globally.