Third Point sold CoStar, won’t seek proxy right, Reuters reports

Daniel Loeb’s Third Point will not pursue a proxy fight against CoStar Group (CSGP), Svea Herbst-Bayliss of Reuters reports, citing sources familiar with the matter and a letter seen by Reuters. Third Point changed plans after it became clear that its plans to pressure CoStar into focusing more on the core business might not salvage the company, sources told Reuters. “We no longer believe that our original thesis holds true today and have disposed of our position in its entirety,” Loeb wrote in a letter to investors seen by Reuters.