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, ValueYahoo.com, 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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.