Monday, November 12, 2007

Loeb Says Farewell to PDL BioPharma (PDLI)

In an amended 13D filing after the close Friday on PDL BioPharma (Nasdaq: PDLI), Dan Loeb's Third Point LLC disclosed they sold their remaining stake in the company.

The filling showed Loeb sold stock from 10/30 thru 11/09 at prices ranging from the high $18's to around $21 per share.

Loeb had been leading an effort to push the company for a sale, which the company has been pursuing.

In his prior filing in October, Loeb's firm disclosed they first started trimming their stake in PDL, but also said the shares remain undervalued.

For more on the Loeb/PDLI saga please visit our archives.

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