UPDATE: Sony (SNE) Will Not Spin Entertainment Unit - Nikkei
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(Updated - July 31, 2013 1:47 PM EDT)
Sony (NYSE: SNE) will not spin its entertainment unit, according to reports in Nikkei. The board plans to issue a formal rejection to hedge fund manager Dan Loeb of Third Point shortly.
Loeb hand delivered the proposal to Sony, moving its board to take the issue seriously. However, the deal was questioned early on by a number of Sony watchers and many worried the board was simply being polite to Loeb and didn't really want to split the company. Despite this, given Loeb's reputation, shares moved higher.
Investors will be watch closely for clues about Loeb's next move.
Share of Sony are off by over 2.5% intraday.
Sony (NYSE: SNE) will not spin its entertainment unit, according to reports in Nikkei. The board plans to issue a formal rejection to hedge fund manager Dan Loeb of Third Point shortly.
Loeb hand delivered the proposal to Sony, moving its board to take the issue seriously. However, the deal was questioned early on by a number of Sony watchers and many worried the board was simply being polite to Loeb and didn't really want to split the company. Despite this, given Loeb's reputation, shares moved higher.
Investors will be watch closely for clues about Loeb's next move.
Share of Sony are off by over 2.5% intraday.
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