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MAY 15, 2013 - TheStreet

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The Deal: Loeb Needles, Prods Sony into Play

NEW YORK (TheDeal) -- Third Point LLC chief executive Daniel Loeb's letter to Sony Corp., dated Tuesday, May 14, had all the false modesty and deference to decorum one would expect from a hedge fund in heat. Yet its ripple effect could very well put Sony Pictures Entertainment Inc. in play. That wouldn't be the first step, of course, provided any steps are taken at all. Nonetheless, as step one, Loeb's proposal suggested a subscription rights offering to current Sony shareholders that would create a separate public stock for 15% to 20% of SPE. The idea would be to showcase the ... Read More

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