Yahoo Reaches Deal With Starboard
27 April 2016 - 11:40PM
Dow Jones News
Yahoo Inc. said it reached an agreement with activist investor
Starboard Value LP to add four members of its board, after the
hedge fund launched a proxy fight last month that set the stage for
a battle over the future of the web giant.
As part of the agreement, Starboard has withdrawn its slate of
director nominees, effectively ending its proxy fight with the
company. Under the terms of the deal, Starboard will add Jeffrey
Smith, Starboard's chief executive and chief investment officer, as
well as Tor Braham, Eddy W. Hartenstein, and Richard Hill.
Starboard has said the board and management have continually
failed to live up to their own promises, and shouldn't be trusted
with the decision on whether or not Yahoo should remain an
independent company.
Under pressure from Starboard and other investors, the
Sunnyvale, Calif., company previously reversed a plan to spin off
its stake in Alibaba. In March, it added two new board members with
deal-making experience.
Starboard's board fight added pressure to Yahoo and Ms.Mayer as
they attempt to turn around or sell the beleaguered company.
Verizon was seen atop the pack of suitors who had placed bids on
Yahoo, whose deadline for preliminary bids for the telecom giant
passed last week.
Write to Joshua Jamerson at joshua.jamerson@wsj.com and Douglas
MacMillan at douglas.macmillan@wsj.com
(END) Dow Jones Newswires
April 27, 2016 09:25 ET (13:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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