Third Point Exits CoStar and Drops Proxy Fight Plans
Daniel Loeb's Third Point has sold its stake in CoStar Group and dropped its proxy fight. The firm cited concerns regarding the company's residential strategy.
Xurve View
Insights:
Xurve View
Third Point sold its entire stake in CoStar Group and abandoned a planned proxy fight for board control. The exit follows a $12.7B decline—shares fell to $15.3B from $28B in market value since January. Loeb's retreat removes a major activist catalyst after concluding his turnaround thesis for the real estate firm no longer holds.
