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Third Point boosts stake in Baseline to 69.9%
By Lisa Kerner
Charlotte, N.C., Aug. 14 - Baseline Oil & Gas Corp. investors led by Third Point LLC reported increasing their stake in the company to 69.9%, from 68.8% on July 28, according to a schedule 13-D/A filing with the Securities and Exchange Commission.
The investors own 105,821,348 shares of the Houston-based oil and gas exploration and drilling firm.
On July 18, Third Point reported being in "productive" conversation with Baseline management about naming its three proposed board members, according to a previous schedule 13-D/A filing.
Third Point's proposed board members are Bradley L. Radoff, Todd Q. Swanson and John V. Lovoi.
As previously noted, if Third Point is not permitted to designate a majority of the board, it will act by written consent to remove and replace the directors so that it obtains control.
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