Sony Corp. fell as much as 3.1 percent in Japan trading after Nikkei reported the company is poised to reject billionaire Daniel Loeb’s proposal to sell part of the entertainment unit in an initial public offering.
Third Point LLC, the hedge fund led by billionaire Daniel Loeb, increased its stake in Sony Corp. while pushing for talks with the board on a proposed initial public offering of the company’s entertainment business.
Daniel Loeb, the billionaire investor pushing Sony Corp. to sell part of its entertainment units, devoted more than half of his quarterly letter to praising an electronics turnaround and slamming movie flops.
When native son Joe Biden held a campaign rally at the Riverfront Sports Complex in Scranton, Pennsylvania in October 2008, the future vice president could count on a vote from its owner, Michael Vacendak. That’s not the case three years later.