GO
Loading...

Loeb Buys More Yahoo Shares for $39.5 Million

CNBC.com With Wires
Tuesday, 24 Jul 2012 | 5:21 PM ET

Daniel Loeb, a Yahoo! board member, bought an additional 2.5 million shares of the tech company for about $39.5 million, according to a filing with the Securities and Exchange Commission.

Yahoo!
Getty Images
Yahoo!

Yahoo was already the largest holding of Loeb's hedge fund Third Point. The new investmnet takes its stake to over 73 million shares or about 6 percent of the Internet company's outstanding stock.

These shares were purchased in multiple transactions at prices ranging from $15.76 to $15.90, according to the filing.

The New York-based hedge fund began building a position in Yahoo in 2011, calling for an overhaul of the board of directors and the need for the internet giant to "go back to basics to get into sexy areas on the net."

Loeb secured three seats on the board of the internet company for his hedge fund in May.

(Reuters contributed to this report).

  Price   Change %Change
YHOO
---

Featured

Contact Technology

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More
  • Matt Hunter is the senior technology editor at CNBC.com.

  • Cadie Thompson is a tech reporter for the Enterprise Team for CNBC.com.

  • Working from Los Angeles, Boorstin is CNBC's media and entertainment reporter and editor of CNBC.com's Media Money section.

  • Jon Fortt is an on-air editor. He covers the companies, start-ups, and trends that are driving innovation in the industry.

  • Lipton is CNBC's technology correspondent, working from CNBC's Silicon Valley bureau.

  • Mark is CNBC's Silicon Valley/San Francisco Bureau Chief covering technology and digital media.