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

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Editor's Note