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Dan Loeb’s Third Point Amends Stake in Baxter International Inc (BAX) to 9.6%

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.

Third Point 2014 Q3 Investor Letter

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.

Dan Loeb
Dan Loeb
Third Point

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