Monday, December 11, 2006

Loeb's Third Point LLC Accumulates 5.4% Stake in Martin Marietta Materials (MLM)

In a 13D filing on Martin Marietta Materials Inc. (NYSE: MLM), Daniel Loeb's Third Point LLC disclosed a 5.4% stake (2.45 million shares) in the company. The firm disclosed purchases from 10/09 at $86.41-$86.50 thru 12/01 at $98.39.

In a pretty standard disclosure, Third Point said it believes the shares are undervalued and said they may from time to time, among other things, hold discussions with third parties or with management of such companies (including the Company) in which the Reporting Persons may suggest or take a position with respect to potential changes in the operations, strategy, management or capital structure of such companies as a means of enhancing shareholder value.

Rabble-rousing hedge fund manager Daniel Loeb is best known for his aggressive activism with his investments. Loeb's latest target was Pogo Producing Co. (NYSE: PPP), where he has urged the Board to sell the Company in whole or several parts to the highest bidder or bidders.

Sign-Up for E-Mail Alerts on MLM (Free) and 13D Filings (Premium Only)

Labels: , ,


Post a Comment

<< Home