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Baxter International Inc (BAX): Billionaire Dan Loeb Cashing In

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Billionaire Dan Loeb started selling his position in Baxter International Inc (NYSE:BAX), a pharmaceuticals company with nearly $28 billion market cap. On February 28, 2017, Dan Loeb’s Third Point “sold an aggregate of 5,901,767 shares of Common Stock in a block trade at a price per share of $50.35”.

“The Reporting Persons’ decision to sell was a result of portfolio management discussions, as the Reporting Persons’ position in the Common Stock had approached concentration limit guidelines due to the significant appreciation since their original investment. The Reporting Persons do not currently contemplate further sales for at least 90 days but reserve the right to re-evaluate at any time based on, among other things, performance of the Issuer and market conditions. The Reporting Persons are pleased with the performance of the Issuer’s CEO and are confident in his ability to continue to create value for shareholders,” the filing said.

The details of this filing can be seen below.

Third Point 2014 Q3 Investor Letter

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Third Point 0 46,008,080 0 46,008,080 46,008,080 8.5%
Daniel S. Loeb 0 46,008,080 0 46,008,080 46,008,080 8.5%
Dan Loeb
Dan Loeb
Third Point

Page 1 of 5 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)*

 

 

Baxter
International Inc.

(Name of Issuer)

Common stock, par value $1.00 per share

(Title of Class of Securities)

071813109

(CUSIP Number)

Joshua L. Targoff

Third Point LLC

390 Park
Avenue, 19th Floor

New York, NY 10022

(212) 715-3880

(Name,
Address and Telephone Number of Person Authorized to Receive Notices and Communications)

February 28, 2017

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has
previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box.  ☐

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See
Section 240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).

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