Sony Corp movie executives kept up a dialogue with hedge fund titan Daniel Loeb, even after rebuffing the billionaire investor's proposal to sell up to one-fifth of the studio's entertainment business, leaked emails show. Loeb's New York-based Third Point took a 7 percent stake in the company in May 2013 and suggested that proceeds from a sale could be used to overhaul Sony's struggling electronics business.For months, Loeb, who is closely watched in the hedge fund industry because of his fund's strong returns and pointed messages to chief executives, tried to persuade the company to do what he thought was best. Even after his proposals were official rejected in August 2013, he held the stock for roughly another year, telling investors in October 2014 that his $18 billion firm had exited the position during the third quarter.Having already forced a board room reshuffle at Yahoo Inc , Loeb has in the last few months actively pushed for change at Sotheby's, where he won board seats and the chief executive resigned in November. He has also pushed Dow Chemical Co and Amgen Inc to consider splitting themselves apart.Known for his sharp tongue, Loeb has penned pointed letters to underperforming chief executive officers and other top managers. But investors say he has worked on being more congenial in the last months.
Amgen Inc. (Amgen) is a global biotechnology company that discovers, develops, manufactures and delivers human therapeutics. Shares of AMGN traded higher by 1.92% or $3.06/share to $162.50. In the past year, the shares have traded as low as $108.20 and as high as $173.14. On average, 4054190 shares of AMGN exchange hands on a given day and today's volume is recorded at 2422860.
Sotheby?s is a global auctioneer of authenticated fine art, decorative art, and jewelry. Shares of BID traded higher by 3.06% or $1.2/share to $40.45. In the past year, the shares have traded as low as $34.74 and as high as $53.74. On average, 938611 shares of BID exchange hands on a given day and today's volume is recorded at 725839.
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