Financial Wire

Update: Market Chatter: CoStar Avoids Proxy Fight as Third Point Exits Stake

-- (Updates with CoStar's response in the fourth paragraph)

CoStar (CSGP) will not face a proxy fight from activist investor Third Point, which has exited its entire position in the company, Reuters reported Friday, citing unnamed sources and a letter to investors.

The hedge fund decided against pursuing a board challenge after concluding its investment thesis no longer held, according to the report.

Third Point had previously signaled plans to push for major board shake-up and strategic overhaul following years of weak performance in its residential real estate segment.

"CoStar Group is focused on executing our proven playbook to build on our momentum as we enter our next chapter of margin expansion and profitable growth. We look forward to continuing to engage with stockholders as we continue to unlock the tremendous value of our digital ecosystem," a CoStar spokesperson toldin an emailed statement.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: $36.28, Change: $-0.20, Percent Change: -0.55%

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