NEW YORK, April 10 (Reuters) – Billionaire investor Daniel Loeb’s hedge fund Third Point will not pursue a proxy fight at real estate data company CoStar Group and sold its entire stake in the owner of Apartments.com and Homes.com, according to sources familiar with the matter and a letter seen by Reuters on Friday.
The hedge fund changed course at CoStar after it became clear to Loeb and his team that their plans to pressure the company into focusing more squarely on the core business might not salvage the company after all.
“We no longer believe that our original thesis holds true today and have disposed of our position in its entirety,” Loeb wrote in a letter to investors seen by Reuters.
The hedge fund never disclosed the size of its stake.
A representative for CoStar Group did not have an immediate comment.
(Reporting by Svea Herbst-Bayliss)
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