Friday, February 16, 2007

Loeb Gets His Way - Twice

Dan Loeb of Third Point LLC scored a double win today.

1. Nabi Biopharmaceuticals (Nasdaq: NABI) announced that Thomas H. McLain has resigned as chairman, chief executive officer and president, effective immediately. Loeb had been pushing for McLain's ouster.

2. Pogo Producing Company (NYSE: PPP) confirmed that its Board of Directors previously initiated the exploration of a range of strategic alternatives to enhance shareholder value and is continuing to do so, including the possible sale or merger of Pogo, the sale of its Canadian, Gulf Coast, Gulf of Mexico or other significant assets, and changes to the company's business plan. Pogo retained Goldman, Sachs & Co. and TD Securities Inc. as financial advisors for the process. Loeb has been pushing the company to sell.

Link to past reports on Loeb's moves related to PPP

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