Wednesday, 24 September 2014
Last updated 14 hours ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.