Exclusive: Hedge fund Third Point urges Intel to explore deal options
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Go back to Exclusive: Hedge fund Third Point urges Intel to explore deal options
December 29, 2020 1:57 PM EST
RBC Capital analyst Mitch Steves weighed in on his initial read of reports that Dan Loeb's Third Point has built a stake in Intel (NASDAQ: INTC) as is pushing the company to explore strategic alternatives.
"Net Net: we think the intraday... More
December 29, 2020 1:39 PM EST
Shares of Intel (NASDAQ: INTC) surged 4.5% Tuesday after Third Point LLC's Dan Loeb sent a letter to Chairman Dr. Omar Ishrak discussing a "significant stake" and urging the company to evaluate strategic alternatives, "including whether Intel should remain an integrated device manufacturer and the potential divestment of certain failed acquisitions."
Loeb notes that the stock of Intel has "dramatically underperformed those of its peers on a one, three, and five-year basis", losing over $60 billion in market cap in the past year alone.
The hedge fund manager said they would like to... More
December 29, 2020 1:16 PM EST
Intel Corporation (NASDAQ: INTC) welcomes input from all investors regarding enhanced shareholder value. In that spirit, we look forward to engaging with Third Point LLC on their ideas towards that goal.
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