Third Point Launches Yahoo! Web Campaign

Apr 3 2012 | 2:18am ET

Dan Loeb usually reserves his poison pen for missives sent directly to the objects of his antipathy. But in his ongoing fight with Yahoo! Inc., the Third Point chief is seeking a wider audience.

The New York-based hedge fund yesterday launched a Web site and Facebook page to make its case for a management shakeup at the Internet company. The site,, includes a blog chiding Yahoo!'s board for "years of failed leadership and poor governance" and telling shareholders that they "have a chance to inject experienced, independent voices aligned with their interests."

Among those independent voices is Loeb himself, one of four board nominees proffered by Third Point. Biographies of Loeb and the three others are available on the Web site.

Third Point, Yahoo!'s largest shareholder, tells its fellow shareholders that the nominees offer "a voice and a choice for Yahoo! owners hurt by the current 'Legacy Board's' track record of value disintegration," and that it "wants to prevent the Board from simply nominating their handpicked replacements."

Third Point announced its planned proxy contest last month, despite the resignation of Yahoo! founder Jerry Yang in January. The hedge fund has called on Yahoo! to seek a sale and rejected an offer to seat one of its board nominees and another candidate agreed to by Third Point and Yahoo!.

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…