Mon, Oct 5, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Third Point launches campaign for Yahoo's board

Thursday, March 15, 2012

Bailey McCann, Opalesque New York: Activist US-based hedge fund Third Point, is launching a campaign to hand pick the board members at Yahoo!. Third point claims that the company has failed to provide the investor with enough say in the firm's operations. The actions by Third Point CEO Daniel Loeb echo earlier moves in November when he called for the resignation of Yahoo! co-founder Jerry Yang and then asked for two seats on the board.

Loeb has written a letter to the Securities and Exchange Commission (SEC), saying that the company left him "no other choice," than to launch this campaign. Loeb has previously nominated himself to serve on the board. Third Point is one of the firm's largest investors.

According to an emailed statement from Yahoo! quoted in a Reuters account of the matter, the company's corporate governance committee is considering a range of candidates. "The committee has included Third Point's candidates in its thorough review process and will make its recommendations to the full board in due course," the statement said.

Yahoo! has seen a several CEO's in recent years as the firm struggles to maintain revenue and market share against Google and Bing. The company lost more than a fifth of its revenue last year. Four board seats are currently ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Performance - Hedge fund moguls Einhorn, Loeb, Rosenstein lose money in September, Risky strategy sinks small hedge fund[more]

    Hedge fund moguls Einhorn, Loeb, Rosenstein lose money in September From Billionaire stock pickers David Einhorn, Daniel Loeb and Barry Rosenstein on Wednesday told their wealthy investors they lost money in September as market turmoil inflicted more pain on some of America'

  2. Opalesque Exclusive: IRAs represent billions of untapped capital for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva: Retirement accounts might not be the first source that comes to mind for those looking to raise funds, but they may represent billions of untapped capital. Unlike traditional retirement accounts,

  3. Opalesque TV: One way to access market hedge funds in the EU under the AIFMD radar[more]

    Benedicte Gravrand, Opalesque Geneva: While the Cayman Islands, the US and Hong Kong await the pan-European marketing passport to be extended to alternative investment fund

  4. Investing - U.S. biotech bloodbath hits hedge funds but some bargains emerge, Computer-driven hedge funds betting on further stock selloff[more]

    U.S. biotech bloodbath hits hedge funds but some bargains emerge From A seven-day selloff of U.S. biotechnology stocks has hit sector investors - especially hedge funds - hard. But some managers say it was overdone and are already eyeing bargains such as Gilead Sciences Inc

  5. Vilas’ equity long bias hedge fund generates market-beating results[more]

    Komfie Manalo, Opalesque Asia: The Vilas Fund, an equity long bias fund managed by Chicago, Illinois-based Vilas Capital Management, posted five-year annualized returns, net of fees, of 23.47% vs. 15.87% for the S&P 500 Index, including divid