Loeb 'Highly Unlikely' to Take Sony Activist Stance

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Aug. 6 (Bloomberg) -- Erik Schatzker reports on Third Point CEO Daniel Loeb's position on a Sony Entertainment spin-off. Johnson speaks on Bloomberg Television's "Lunch Money". (Source: Bloomberg)

It is time to update you folks on the situation between sony and dan loeb.

You may know by now that dan loeb rejected thirdpoint 's offer late last night.

Do not expect a proxy fight.

That is not where this is going.

The third.

Initially took its stake on may 13th and would have the right within six months to call a special meeting at sony.

It does not plan on exercising that right.

It is highly unlikely that thirdpoint will have to do anything activist.

Why is it backing down?

Because it is taking demo at his word.

This is the first step.

The second step is for sonny to -- sony to reveal concrete plans.

Dan loeb expects to see progress every quarter.

This is an investment.

It all has to do with a stock price.

It is not personal.

There's a target and sony have not hit it yet.

We are back in two.

This text has been automatically generated. It may not be 100% accurate.

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