A couple of days after disclosing a new position in Baxter International Inc (NYSE:BAX), Dan Loeb‘s Third Point issued an amended filing, in which it reported that it owns 52.50 million shares of the company, equal to 9.6% of the outstanding stock. The 13D also added that Third Point and affiliated funds spend around $2.12 billion to acquire the shares. In the previous filing, Third Point stated it holds a 7% stake. However, in the letter that was attached to the first filing, the investor said that it holds “common stock and stock equivalents equal to nearly 10%” of Baxter.
In the letter, Third Point also said that it discussed with Baxter International Inc (NYSE:BAX)’s representatives and reiterated its intention to obtain two Board seats. Following the first filing, Baxter issued a statement saying that it expects to continue a constructive dialogue with Third Point, and that it is open to communication with its shareholders.
The market had a positive reaction to the news, with Baxter International Inc (NYSE:BAX)’s stock advancing by 4% since August 5, when Third Point disclosed its stake and announced its plans regarding the company. Among other shareholders of Baxter International Inc (NYSE:BAX) are Richard S. Pzena’s Pzena Investment Management, Jim Simons’ Renaissance Technologies, and Ric Dillon’s Diamond Hill Capital, which own 5.03 million shares, 1.95 million shares, and 1.75 million shares respectively.
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