Third Point's Loeb pushes for 'fair' sales process at SoHo House

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Third Point's Loeb pushes for 'fair' sales process at SoHo House

Reuters01-29

By Svea Herbst-Bayliss

NEW YORK, Jan 29 (Reuters) - Daniel Loeb, who runs hedge fund Third Point, on Wednesday urged SoHo House directors to run a "fair" sales process after the hospitality group received a take-private offer late last year that sent its stock price surging.

He called the $9 a share offer a "sweetheart" deal and said he believed there were other parties with experience investing in the hospitality sector who would be interested in the asset, according to a letter Loeb wrote to SoHo House's board.

He called the sales procedure so far "an opaque process" and urged the board to achieve "maximum value for all shareholders."

(Reporting by Svea Herbst-BaylissEditing by Bernadette Baum)

((svea.herbst@thomsonreuters.com; +617 233 2138; Reuters Messaging: svea.herbst.thomsonreuters.com@reuters.net))

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