Nokia Ab OY Ticking higher on circulation of Third Point investor letter that indicates Loeb bought a stake in late Q3
- Loeb investor letter: We purchased Nokia late in the third quarter following the announced sale of its Devices and Services (D&S) business to Microsoft for €5.44 billion in an all-cash transaction. At our purchase price, we seized an opportunity to create new Nokia at a substantial discount to target value. The company will have approximately €8 billion of net cash when the transaction closes, and we expect a meaningful portion of the excess will be distributed to shareholders in coming quarters. Either a buyback or a special dividend is possible, which should draw additional investors to new Nokia when the cash return scenario develops following the deal closing.
- Link: {http://www.thirdpointpublic.com/wp-content/uploads/2013/10/Third-Point-Q3-2013-TPOI-Letter.pdf}