Sony Rejects Third Point’s Proposal Calling for a Company Breakup

Daniel Loeb’s hedge fund called for a spinoff of Sony’s semiconductor business

Sony Corp. said it rejected a proposal from activist hedge fund Third Point LLC to split its image-sensor business from its entertainment business and list the chip unit.

On Tuesday, Sony said its image-sensor business is a “crucial growth driver” that “is expected to create even more value going forward through its close collaboration with the other businesses and personnel” at the company.

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