An exterior view of the Advance Auto Parts store at the Sunbury Plaza, Sunbury, Pennsylvania.
Paul Weaver | SOPA Images | Lightrocket | Getty Images
Dan Loeb’s Third Point and activist Saddle Point have a stake in Advance Auto Parts and reached a settlement with the company that will give the activists three board seats, the company confirmed on Monday.
The size of the stake was not immediately clear, but a person familiar with the matter said that Third Point built it earlier this year.
Advance Auto Parts shares rose 3.7% after the Wall Street Journal reported the news of Third Point’s position and settlement.
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This story originally appeared on CNBC
