October 20, 2017 / 1:20 PM / 2 years ago

Third Point takes stake in Dover Corp, urges changes -letter

BOSTON, Oct 20 (Reuters) - Billionaire investor Daniel Loeb’s hedge fund Third Point LLC bought a stake in Dover Corp during the third quarter and is urging the industrial conglomerate to sell off its energy business among other things.

If the company heeds the hedge fund’s advice, “we believe there is significant additional upside in the investment,” Third Point wrote in a letter to clients, seen by Reuters. The fund is talking to management and wants the company to divest its energy business, allocate capital more efficiently and address its “under earning in its core industrial portfolio.” (Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama)

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