DEERFIELD (dpa-AFX) - Activist hedge fund Third Point LLC disclosed in a regulatory filing that it has taken a 7% stake in Baxter International Inc. (BAX), saying it is interested in two board seats and helping the company selects a new chief executive officer.
In a letter, Third Point Chief Executive Daniel Loeb said the firm has discussed nominating two representatives to Baxter's board.
Last week, Baxter's Chairman and CEO, Robert Parkinson, said he would leave the company after leading it for 11 years.
Separately, Baxter today confirmed that it has engaged in various discussions with representatives of Third Point and expects to continue a constructive dialogue.
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