Third Point exits CoStar as activist push for Homes.com divestiture fails

Third Point has sold its shares of CoStar Group, ending its activist investor push. The hedge fund had previously called for the replacement of the majority of the board of directors and a refocus on the core commercial real estate business. Third Point had specifically demanded that CoStar consider strategic alternatives for Homes.com, including selling or shuttering the platform. CoStar responded that divesting Homes.com would the firm and its investors cause irreparable harm. Third Point concluded its activist investor push by divesting its shares.