Shares of Baxter International Inc. rose 1.3% in morning trade Wednesday, after billionaire investor Dan Loeb’s hedge fund Third Point LLC, which is already the drug company’s largest shareholder, boosted its stake, again. Baxter disclosed in regulatory filing that Third Point now owns 53.85 million shares, or a 9.9% stake in the company. That’s up from a 52.5 million share, or 9.6% stake, disclosed on Aug. 6, and a 37.93 million share, or 7% stake, disclosed on Aug. 5. Baxter said it increased the size of its board of directors to by 1 to 11 directors, and has immediately appointed Third Point partner Munib Islam to fill that vacancy. The board will eventually expand to 12 directors. Baxter’s stock has lost 13% over the past three months, while the S&P 500 has slipped 7.3%.
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