Advance Auto Parts Gains as Activist Hedge Fund Third Point Takes Stake, Adds Directors

Key TakeawaysActivist investor Dan Loeb's hedge fund Third Point LLC and Saddle Point Management L.P. teamed up to acquire a stake in Advance Auto Parts Inc.Third Point has placed three new directors on the Advance Auto Parts board.The company is in talks to sell its Canadian business and equipment distributor, Worldpac. Automotive aftermarket parts provider Advance Auto Parts Inc.'s (AAP) shares rose 4% in early trading on Tuesday after Dan Loeb’s activist hedge fund Third Point LLC disclosed a stake and a ...