Third Point To Move Forward With Yahoo! Proxy Fight

Mar 26 2012 | 9:06am ET

Daniel Loeb’s $9 billion hedge fund, Third Point, the largest outside shareholder of Yahoo! Inc., says it will push on with a proxy fight to install its own directors on the internet company’s board.

Yahoo appointed three new independent directors to its board—Peter Liguori, former Fox Broadcasting Network chairman; John Hayes, American Express chief marketing officer; and Thomas McInerney, who is leaving as chief financial officer of IAC/InterActiveCorp—after failing to reach a compromise with the hedge fund.

Third Point had pushed for the appointment of its own slate of four directors, including Loeb. Yahoo said in a statement it had offered to add one of Third Point’s four nominees, Harry Wilson, and another member agreed to by both sides but that Loeb had rejected the proposal.

Third Point, which owns about 5.8% of Yahoo, said in a statement it was “disappointed” by Yahoo’s move: “Third Point offered several significant compromises to strike a deal and avoid a proxy contest. Today, the board has shown yet again that they are unable to execute deals that are in the company's best interests.”

Third Point says it will seek shareholder votes on its own slate of directors during this year’s Yahoo annual meeting.


In Depth

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...