Thursday, May 24, 2007

Loeb's Third Point LLC Lowers Stake in Acorda (ACOR) to 4.1%

In an amended 13D filing on Acorda Therapeutics (Nasdaq: ACOR), Daniel Loeb's Third Point LLC disclosed they lowered their stake in the company to 4.1% (1 million shares), down from 9.9%.

In his original 13D filing, Loeb requested that Acorda's Board of Directors retain an investment bank and pursue a process to sell the Company.

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1 Comments:

Blogger Zachary said...

Your numbers are off. Loeb cut his stake to 6.8%. You aren't including the stake held by his offshore fund. See below, cut from the SEC filing yesterday by Loeb:

(a) As of the date of this Schedule 13D, the Management Company beneficially owns 1,000,000 shares of Common Stock (the "Shares"). The Shares
represent 4.1% of the 24,126,972 shares of Common Stock outstanding as of April 30, 2007, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2007. The percentages used herein and in the
rest of this statement are calculated based upon this number of outstanding
shares.

As of the date of this Schedule 13D, the Offshore Fund directly beneficially owns 661,400 shares of Common Stock, which represent 2.7% of the outstanding shares of Common Stock. None of the other individual Funds owns a
number of shares of Common Stock representing more than 5% of such total.

9:10 AM  

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