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Third Point reduces stake in IHOP with share sales
By Lisa Kerner
Charlotte, N.C., Aug. 10 - IHOP Corp. investors led by Third Point LLC sold 541,600 shares of the company's stock between June 29 and Aug. 9 priced from $54.43 to $68.24 each.
The transactions were reported in a schedule 13D filing with the Securities and Exchange Commission.
Third Point and the reporting person own 713,400 shares, or 4.2%, of the Glendale, Calif., food franchise company.
In February, Third Point and Daniel S. Loeb reported the purchase of 422,400 shares of IHOP stock since the end of December 2006, for a 7% stake.
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