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Third Point pushes back on a pitch to take Soho House private. Three ways the firm can maximize value

Business: Soho House provides a global membership platform of physical and digital spaces that connects diverse groups of members from across the world. The members use the platform to work, socialize, connect and create all over the world. The company's segments include United Kingdom, North America and Europe, and the rest of the world. Soho House's global portfolio consists of approximately 42 Soho Houses, nine Soho Works, Scorpios Beach Club in Mykonos, Soho Home (its interiors and lifestyle retail brand) and its digital channels.

Stock Market Value: ~$1.53B ($7.87 per share)

Ownership: 9.89%

Average Cost: $7.64

Activist Commentary: Third Point is a multi-strategy hedge fund founded by Dan Loeb, that will selectively take activist positions. Loeb is one of the true pioneers in the field of shareholder activism and one of a handful of activists who shaped what has become modern day shareholder activism. He invented the poison-pen letter in a time when it was often necessary. As times have changed, he has transitioned from the poison pen to the power of the argument. Third Point has amicably obtained board representation at companies like Baxter and Disney, but the firm will not hesitate to launch a proxy fight if it is being ignored.

On Jan. 29, Third Point sent a letter announcing that it supports Soho House's decision to explore a take-private transaction but has concerns about the process that was undertaken which resulted in a proposed transaction with the chairman of the Board. They believe that several qualified parties with significant experience investing in the hospitality industry would be interested in paying a superior price to the current deal.

Soho House is a global membership platform of physical and digital

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