Third Point reports sale of Flow International shares

By Lisa Kerner

Charlotte, N.C., April 9 - Flow International Corp. investors led by Third Point LLC sold 700,000 shares of the company's stock, leaving them a 12.5% ownership interest.

The shares were sold on April 7 for $10.25 per share, according to a schedule 13D filing with the Securities and Exchange Commission.

It was previously reported that Third Point head Daniel Loeb expressed interest in buying Flow in May 2007, but the company rejected the offer, saying Loeb failed to name his price or provide detailed committed financing.

At that time, Third Point, a New York investment adviser, had a 13.6% controlling interest in Flow and was the company's largest shareholder, a prior news release said.

Third Point beneficially owns 4.71 million shares of Flow, the SEC filing stated.

Based in Kent, Wash., Flow develops and manufactures high-pressure water jet technology equipment used for cutting, cleaning and food-safety applications.

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