Dan Loeb has lost a lot of spunk over the years, losing his penmanship when it comes to writing scathing letters that once made him feared and respected. Maybe it's his ventures into the Japanese market that's made him soft. In any case, Loeb's recent letter to Baxter leaves a lot to be desired. Loeb's Third Point is now an activist at Baxter with a 7% stake. Here's Loeb's Baxter letter [link] Loeb wants two board seats at the medical devices company. At $22 billion, it's no small target for Loeb, but a nice break from some of Loeb's large cap bets. On a pro forma basis, this will be his second largest position behind Amgen. As far as the thesis - the company is trying to find a new CEO to take over for the long-tenured Bob Parkinson. Baxter did just spin off its biopharma business Baxalta last month - which is being pursued by Shire. LEARN MORE ABOUT ACTIVIST STRATEGY More to come via Activist Strategy.