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Third Point blasts Sony for sticking to status quo

Despite setback, Loeb keeps up pressure on 'undervalued' conglomerate

Third Point CEO Daniel Loeb lamented Thursday that Sony's review of the fund's pitch resulted in "no concrete proposals to improve the business."   © Reuters

NEW YORK -- U.S. activist investor Daniel Loeb, CEO of hedge fund Third Point, expressed frustration with Sony's management Thursday for rejecting a proposal to spin off its cash-cow image sensor business to unlock value for shareholders.

"As students and practitioners of Japanese business principles like kaizen, it is difficult for us to imagine that a company of Sony's size and complexity could not find a single concrete action to improve its business and valuation," Loeb wrote in his third-quarter letter to Third Point investors.

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