BUZZ-SoHo House jumps after Third Point's Loeb unveils big stake, blasts buyout deal

Updates to market close

** Shares of SoHo House SHCO.N finish up 12.5% at $8.29 on Weds after Third Point's Daniel Loeb revealed large stake and criticized buyout deal

** SHCO shares register highest close since Jun 9, 2022. Trading volume of ~3.7 mln shares is about 5x the 10-DMA, per LSEG

** Loeb and his activist hedge fund Third Point disclosed nearly 10% stake in the operator of exclusive private clubs, per a regulatory filing on Weds

** In a letter letter to its board, the billionaire investor called last month's take-private offer a "sweetheart" deal with its chairman, Ron Burkle, who runs investment firm Yucaipa

** "Burkle’s obvious conflicts of interest and undue influence on the board via his super-voting share class make it imperative that the Board open the sale process to outside bidders," the letter said

** SHCO shares closed at $4.91 on Dec 18, the day before the co's board announced the $9/sh bid