NEW YORK, July 24 (Reuters) - Hedge fund manager Daniel Loeb has upped his stake in Yahoo Inc by about 2.5 million shares, according to a regulatory filing with the Securities and Exchange Commission on Tuesday.
Yahoo was already the largest holding of Loeb’s hedge fund firm Third Point and the new investment takes its stake to over 73 million shares or about 6 percent of the Internet company’s outstanding stock.
Third Point purchased almost 1.7 million shares at $15.82 per share, and another 804,000 shares at $15.67 per share, according to the filing with regulators.
The New York-based hedge fund began building a position in Yahoo in 2011, calling for an overhaul of the board of directors and the need for the internet giant to “go back to basics to get into sexy areas on the net.”
Loeb, who is known for his sharp tongue and harsh criticism of corporate boards, secured three seats on the board of the internet company for his hedge fund in May. That followed months of vocal criticism including accusations that then-chief executive Scott Thompson had padded his resume with fake academic credentials.
Yahoo recently hired Marissa Mayer from Google in a recruitment coup for a media brand, which has battled to fend off competitors like Google and Facebook in recent years.
Yahoo shares traded up to about $15.45 after markets closed on Tuesday. The stock’s closing price was $15.43.