Heard on the Street: The Japanese conglomerate has rebuffed the activist hedge fund’s calls for spinoffs, but has rewarded shareholders in other ways
Activist investor Daniel Loeb is facing another setback at Sony. But if this is what failure looks like, he should try to fail more often.
The Japanese conglomerate on Tuesday rejected a request from Third Point, a New York-based hedge fund run by Mr. Loeb, to spin off its semiconductor unit. In June, the fund said it had invested $1.5 billion in Sony and called for a breakup, arguing that the company’s semiconductor business, which makes image sensors for smartphones including Apple’s iPhones, has little to do with its games...
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