With having 5.8 percent stake in Yahoo, Third Point’s Daniel Loeb has move a step further with his company ongoing battle with Yahoo, launched a website name ValueYahoo.com in order to call up for a management shakeup at the online media company. The site goes live on Monday, links to articles covering the proxy fight and biographies of four proposed board nominees.
Loeb is using the website to line up support for Third Points’ positions ahead of Yahoo’s annual meeting expected to take place in June. The site, along with an associated Facebook page, is a new tactic taken by the hedge fund manager famous for sending vituperative letters to corporate managers over the years.
Yahoo’s Board which recently appointed three new independent directors, effective April 5, 2012: John D. Hayes, Executive Vice President and Chief Marketing Officer of American Express Company; Peter Liguori, former Chief Operating Officer of Discovery Communications, Inc. and former Chairman and President of Entertainment of Fox Broadcasting Network; and Thomas J. McInerney, the outgoing Chief Financial Officer of IAC/InterActiveCorp. Third Point’s Dan Loeb, the activist Yahoo shareholder, over which fired back at the company.