Hedge fund manager Dan Loeb is pushing Cano Health to explore a sale in what may be the first time a prominent activist investor has targeted a company that went public via a blank-check deal in recent years, Bloomberg reports.
Loeb’s Third Point disclosed a 6.4% stake today in the senior-care facility operator, saying it should put itself on the block due to “the market’s largely unfavorable view” of companies that merged with SPACs.
Jaws Acquisition took the company public last June at a $4.4 billion valuation.
Cano Health popped 40% in trading today following news of Loeb’s stake in the company. Read more.
