Deals
Sony Falls After Report Board to Reject Entertainment Unit IPO
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Sony Corp. fell as much as 3.1 percent in Japan trading after Nikkei reported the company is poised to reject billionaire Daniel Loeb’s proposal to sell part of the entertainment unit in an initial public offering.
The company declined to its lowest level in more than a month before trading at 2,036 yen at 10:20 a.m. in Tokyo. Sony’s New York-traded shares earlier retreated to their lowest close in more than a month. At a board meeting yesterday, some Sony directors objected to the plan from Loeb’s Third Point LLC hedge fund to sell part of the business that creates and distributes films, TV shows and music, Nikkei said. A formal rejection is expected soon, the report said.