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Third Point LLC: Activist Profile

Updated: Jan 20

Third Point LLC (“Third Point”) is an SEC-registered investment adviser based in New York City. The firm, founded in 1995 by Daniel S. Loeb, who serves as CEO and oversees all investment activity, employs a flexible, opportunistic investment style. The fund seeks to identify opportunities across the capital structure with a recognizable catalyst anticipated to unlock value.

Third Point’s team comprises professionals focused on investment activity, risk management, and trading, supported by highly experienced personnel in accounting, operations, investor relations and marketing, and legal and compliance. The firm manages assets for corporate and public pensions, sovereign wealth funds, endowments, foundations, funds of funds, and high-net-worth individuals.


Daniel S. Loeb

Daniel S. Loeb is the CEO of Third Point LLC, a New York-based asset management firm founded in 1995, investing in equity and credit securities globally. The firm engages with company management and boards to improve performance and takes passive stakes for long-term value creation. Loeb has served on the boards of Ligand Pharmaceuticals, POGO Producing Co., Massey Energy, Yahoo!, and Sotheby’s. A 1983 graduate of Columbia University with an A.B. in economics, he endowed the Daniel S. Loeb Scholarship and received the John Jay Award for distinguished achievement. In 2020, he was honored with the Alexander Hamilton Award by the Manhattan Institute for his philanthropy.


Letters & Presentations


Active 13D Positions

Stock

Company name

Sector

% of Portfolio

Link

BBWI

Bath & Body Works Inc

CONSUMER DISCRETIONARY

5.1%

Past Activist

Baxter International (BAX)

On August 5, 2015, Third Point (7%) sought two Board seats and offered to assist in selecting a new CEO. By September 29, 2015, after increasing its stake to 9.9%, the company agreed to add one Third Point candidate to the Board and another mutually agreed-upon independent director. Third Point later reduced its stake to 5.3% in December 2018 and to 4.5% on May 17, 2019, expressing satisfaction with the company's performance and confidence in its value creation for shareholders.

 

Campbell Soup Co (CPB)

In August 2018, Third Point (5.65%) and George Strawbridge (2.8%) pushed for Campbell's sale, citing mismanagement, poor stock performance, high debt, and leadership gaps. They nominated 12 board candidates, criticized value destruction, and proposed a 100-day plan for restructuring and asset sales. On November 26, 2018, Campbell settled, adding two Third Point representatives to the board and agreeing to consult on a third director and the CEO search. Third Point later reduced its stake to 5.74% in September 2019 and 4.14% in January 2020, praising progress under the new CEO.


Cano Health, Inc. (CANO)

On March 9, 2022, Third Point LLC (6.4%) urged the Board to engage advisors to review strategic alternatives, emphasizing a company sale as a likely path to achieving a substantial premium over the trading price. While not planning a proxy contest at present, Third Point indicated it may pursue one if the Board fails to address the value gap or initiate a strategic review.


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