1. Activist Dan Loeb Calls on Sony to Spin Off Its Semiconductor Business

    Activist Dan Loeb Calls on Sony to Spin Off Its Semiconductor Business

    (Bloomberg) -- Activist investor Dan Loeb disclosed a $1.5 billion stake in Sony Corp. and is pushing the Japanese technology giant to spin off its semiconductor division and focus on its main entertainment business. Sony is “one of the most undervalued large cap businesses in the world today,” Loeb’s Third Point LLC wrote in a letter to its investors Thursday...

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  2. Quotes

    1. We rarely find companies like Sony that have a depressed valuation, high-quality underlying businesses, numerous options for portfolio optimization, and a capable management team.
    2. I'm uncertain whether a spin off would actually increase value.
    3. Despite these substantial improvements, Sony continues to be as undervalued today as it was in 2013, trading at its lowest forward multiple of earnings in the last decade.
    4. I thought it was a good thing that we negotiated with Third Point at the time.
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