The promise of a proxy battle, unless they comply with every one of his demands (e.g. replace four board members with Loeb and three of his friends). Little bit of DL trivia for the Third Point historians among us: with this latest 13-D, Loeb is reclaiming his tradition of notifying adversaries of his intent to wage war on February 14 (previous recipients of similar love letters include Salton Inc, Star Gas Partners, and AEP Industries). Sure he could have waited a day here or there but he’s a true romantic at heart. Even more thoughtful would have been delivering a copy of the filing in person via Barbershop Quartet but perhaps he’ll save that for next year’s lucky lady. [SEC]
Third Point
January performance. Continue reading »
December 13, 2011
Board of Directors
Yahoo! Inc.
701 First Avenue
Sunnyvale, CA 94089
Attention: Mr. Roy Bostock, ChairmanDear Directors:
Third Point LLC, as the beneficial owner of 5.2% of Yahoo! Inc.’s (“Yahoo”) outstanding shares, remains extremely troubled by news reports regarding the dysfunction and inequity being exhibited in the process of maximizing stockholder value that the Board is allegedly “managing”. We are disturbed but not surprised by this mismanagement given the history of strategic bungling by Yahoo Board Chairman Roy Bostock and Founder Jerry Yang, which has been chronicled in our previous letters and in numerous critical media and analyst reports. As significant shareholders with our own fiduciary duties to investors to uphold, we cannot stand by silently if such reports are accurate and Yahoo, a company in no need of cash, plans to engage in a sweetheart PIPE deal which will serve only to entrench Mr. Yang and the current board while massively disenfranchising public shareholders and permanently robbing us of the opportunity to obtain a control premium.
In the spirit of one of the Navy SEAL Foundation mantra, “all in…all the time,” prominent money manager Daniel Loeb, Founder and CEO of Third Point LLC, challenges three Navy SEAL Foundation Directors, all former SEALs, to run the “MightyMan” Half Iron Triathlon with him and his team on October 2, 2011 in Montauk, New York, to raise funds for the Foundation. Daniel will make a sizeable contribution to the Navy SEAL Foundation for each director who completes the race. [NSF]
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Hedge Funds
Carol Bartz Not The Only Person Who Objects To Yahoo Board’s Lack Of Phone Etiquette
By Matt Levine
Bartz suggested that board chairman Roy Bostock lacked both balls and class for firing her over the phone rather than face to face. Dan Loeb, meanwhile, also has to question Bostock’s class after the chairman hung up on him rather than listen to hard truths like “you are unaware of what it takes to be an effective leader” and “I will pursue whatever efforts are necessary to remove you from the board.”
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Third Point Looks Forward To The Juiced Up Future Of Yahoo
By Bess LevinTags: Alibaba, Carol Bartz, Carol Bartz- comment?, charts, Dan Loeb, hedge fund managers, Hedge Funds, juicing, performance enhancing drugs, steroids, Taobao, Third Point, Value Destruction Tracker, Yahoo