UPDATE 1-ValueAct's Ubben 'disinvesting' because of high valuations
February 22, 2017 at 19:43 PM EST
NEW YORK, Feb 22 (Reuters) - Jeffrey Ubben, the chief executive of activist investor ValueAct Capital, told Reuters on Wednesday that his firm had been taking money out of the capital markets as valuations have become overextended, leaving it with $3 billion in cash.