Deals
Third Point's Loeb Said to Seek Removal of Dow Chemical CEO
- Activist investor said to question timing of DuPont merger
- Loeb said to send letter to Dow board outlining concerns
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Dan Loeb, the founder of hedge fund Third Point, is calling for the removal of Dow Chemical Co. Chief Executive Officer Andrew Liveris, days after the company agreed to combine with DuPont Co. in the largest-ever chemicals merger, according to a person familiar with the matter.
Loeb supports the deal but, in a letter sent to Dow’s board on Saturday, questioned the timing of its announcement on Friday, just two days before the expiration of a standstill agreement between Dow and the hedge fund, said the person, who asked not to be identified because the letter hasn’t been published. Loeb is concerned the merger may have been rushed to beat the expiry of the accord, the person said. Loeb declined to comment on the letter.