Sony Corp shares fell almost 5% after the company rejected stake-holder Daniel Loeb’s proposal to spin-off part of its entertainment business.
The call for Sony to drop some of its entertainment arm, including music, came from hedge-fund investor Loeb – whose Third Point LLC owned around 6.5% of Sony stock – in May.
Loeb renewed his calls in June after Third Point increased its stake in Sony to 6.9% to reach a total of 70m shares and bolstering its position ...
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