Third Point builds ownership to 7.7% in Granite Construction

By Lisa Kerner

Charlotte, N.C., May 7 - Granite Construction Inc. investor Third Point LLC, led by Daniel S. Loeb, purchased 2,695,000 shares of the company's common stock between March 8 and May 7 priced from $54.33 to $63.78, according to a schedule 13D filing with the Securities and Exchange Commission.

The investor beneficially owns 3,250,000 shares, or 7.7%, of the Watsonville, Calif., heavy civil construction contractor's outstanding common stock.

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