Loeb & co had agreed to step down if their %age of Yahoo shares ever dropped below 2%. It did, so they're out.
A guy like Loeb doesn't hang around forever, just long enough to get the bulk of the upside. At a guess Loeb is impatient with Mayer's reform, it takes too long for him & his allies. Corporate raiders make their money with short term plans, they rarely sit around as long as they did here.
This whole episode seems like another hedge-fund driven money making plan - take some equity, get control of board, hire a high profile CEO, take seemingly big bets, jack up the stock price and silently exit. This yahoo stock buy-back seems to be a way to avoid the insider trading charges.
Exactly - this was his plan whole time. That is why he sent letter about Thompson's resume; that is why he wanted seat; that is why he wanted to "unlock value" of Asian assets;
that is why Yahoo bought his shares at July 19’s closing price, guaranteeing liquidity without forcing Third Point to pay a discount, as usually happens when an investor offloads a large chunk of stock.
A guy like Loeb doesn't hang around forever, just long enough to get the bulk of the upside. At a guess Loeb is impatient with Mayer's reform, it takes too long for him & his allies. Corporate raiders make their money with short term plans, they rarely sit around as long as they did here.