“Thompson has got to make his case. And now he has to do it persuasively because there’s another guy who is going to make his case persuasively,” said Lawrence Haverty, a fund manager with GAMCO Investors, which owns Yahoo shares.
Just over the course of three months time since 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, reports Reuters.
Thompson is working on his own set of plans so as in order to bring the company back to be called as “worth” stage, but Third Point seems to work on its own tone. Third Point officially launched a campaign on Wednesday to have a formal role at Yahoo. As of now, the major question surrounded is that how much they have believe in Thompson such that whether he can create move value for the company’s current $15 to $16 stock price or if they should cut their losses and push for a sale of various Yahoo’s assets.
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