SoHo House jumps after Third Point's Loeb unveils big stake, blasts buyout deal
29/01/2025 20:21
** Shares of SoHo House SHCO.N up 12.5% at $8.29 in Weds
afternoon trading after Third Point's Daniel Loeb revealed large
stake and criticized buyout deal
** SHCO shares on track to close at highest levels since Nov
2023
** In a regulatory filing on Weds, Loeb and his activist hedge
fund Third Point disclosed nearly 10% stake in the operator of
exclusive private clubs, and in a letter to its board called
last month's take-private offer a "sweetheart" deal with its
chairman, Ron Burkle, who runs investment firm Yucaipa
** "Burkle’s obvious conflicts of interest and undue
influence on the board via his super-voting share class make it
imperative that the Board open the sale process to outside
bidders," the letter said
** SHCO shares closed at $4.91 on Dec 18, the day before the
co's board announced the $9/sh bid
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))