Billionaire Face-Off: Loeb Battles Burkle Over Soho House Deal
Skift Take
This isn't just about money – it's a power struggle over a troubled member's club brand.
Activist investor Dan S. Loeb and his hedge fund Third Point have challenged billionaire Ron Burkle over the future of members-only club chain Soho House & Co. by questioning a proposed $1.7 billion take-private plan.
Third Point revealed in a filing Wednesday that it had taken a 9.9% stake in Soho House. Loeb wrote a letter to Soho House's board about his critique of the buyout, which he called a "sweetheart deal," according to Reuters and The Wall Street Journal.
Soho House and Third Point didn't respond immediately to a request for comment.
Room for Disagreement While both billionaires agree Soho House should go private, Loeb and