Peltz first. His position is easy to describe. He's sold off most of it so that he can be now bug Proctor & Gamble, GE, Sysco and Mondelez. That's truly shocking. As one writer stated,
"[c]orporate executives might want to think twice before relying on hedge fund matchmakers. It appears they are not even patient enough to stick around for the wedding."Loeb on the other hand, seems to be getting rather impatient and the longer he waits, the bigger of a slice of wedding cake he expects. He is asking why cut the cake into 3 slices when you can cut it into 6 slices, and we all know 6 is bigger than 3, right? (Just like an amp that goes to 11 is better than one that goes to just 10.) And in making the additional slices, everyone gets an extra $20 billion dollars.
If that math doesn't make sense to you, well, I've noted in the past that Loeb has the math skills of a high school student (1 and 2), and a lousy student at that. Having lots of money and wealthy friends doesn't make you intelligent, but it will get you access to a microphone, strangely. If Loeb really believes that the combined value of the new company cut 3 ways is worth an extra $20 billion, then the market will quickly realize its mistake and value the companies appropriately with a larger stock price. And if that still isn't fast enough, then I suggest that Loeb get some of his rich friends together to buy the undervalued companies and split them yourselves. It's an old idea, but I believe it's called "putting your money where your mouth is".