Monday, 26 September 2016
Last updated 1 hour ago
Mar 22 2012 | 12:26pm ET
Daniel Loeb is going to war with Yahoo! Inc., as he seeks to get himself and three allies seats on the company's board.
The Third Point founder has been calling for changes at the Internet company for years. Four years ago, he backed a challenge mounted by fellow activist Carl Icahn, and in December blasted its board and leadership for "mismanagement." That salvo contributed to the resignation of Yahoo!'s founder, Jerry Yang, in January.
But Yang's ouster hasn't satisfied Third Point, which owns 5.8% of Yahoo! and has called on the company to consider a sale. Last month, it demanded board seats, and this week began to lay the groundwork for a proxy battle. The regulatory filing came a week after Loeb warned new Yahoo! CEO Scott Thompson that he was in for a fight if he didn't add Third Point representatives to his new company's board.
In addition to Loeb, Third Point would add turnaround specialist Harry Wilson, former MTV Networks executive Michael Wolf and former NBC Universal CEO Jeff Zucker. Yahoo! is still looking to fill some of four soon-to-be-vacant board seats, making a compromise possible. If not, investors will have their say at the company's annual meeting, the date for which has not been set.