New York
Hedge fund Third Point, led by investor Daniel Loeb, has exited its entire stake in CoStar Group and will not pursue a planned proxy fight, according to a letter cited by Reuters. The activist investor had earlier signaled intentions to nominate directors and push for strategic changes at the real estate data company, which owns platforms like Apartments.com and Homes.com. However, the firm concluded that its original investment thesis no longer held and decided to withdraw completely. CoStar Group shares were previously a target of activist pressure as Third Point sought operational restructuring and greater focus on core businesses. Third Point, founded by Daniel Loeb, has periodically engaged in such campaigns but stepped back in this case.