Yahoo Trying To Fight Back With Activist Shareholder Third Point Over New Board

Posted on Mar 23 2012 - 9:38am by Editorial Staff

We yesterday reported that since from the time Yahoo’s CEO Scott Thompson was appointed for the role, faces a proxy shutdown with hedge fund Third Point. The proxy battle will determine whether Thompson or a slate of dissident directors nominated by Dan Loeb, the hedge fund’s founder gets to chart the company’s course. With course of time, Yahoo has already named two of three five board of members but it is still urging to win the challenge it owes from activist shareholder Daniel Loeb of Third Point.

Loeb has been trying aggressively to name three additional new board members in order to replace directors that are leaving. Cited “several sources”, AllThingsD stated that “Yahoo’s new CEO Scott Thompson has told people inside and outside the Silicon Valley Internet giant that the threat from Third Point, which owns almost six percent of the company, is not as worrisome as some think it could be.” The company is trying to approach almost every high profile figures about joining the board.

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