The Internet company and its freshly minted chief executive, Scott Thompson, face a shareholder mutiny after talks to sell the company’s stake in two Asian partners faltered yesterday, according to a New York Post report..
Yahoo!’s negotiating team, surprised by the collapse of negotiations to sell its stakes in Chinese e-commerce company Alibaba Group and Yahoo! Japan, must have been just as shocked when investor Daniel Loeb launched an attack to take over the Yahoo! board.
Loeb, whose Third Point LLC owns a 5.6 percent stake in the $19 billion company, nominated a slate of candidates for Yahoo!’s board — himself, former NBC Universal CEO Jeff Zucker, former MTV executive Michael Wolf and corporate turnaround guru Harry Wilson.
The company has a month before its next board meeting, and the expectation is that there will be a proxy fight launched by Loeb, a source familiar with Loeb’s thinking said yesterday. “Loeb believes that Thompson’s recent comments that Yahoo! is not a media company, not an ad company, but a data company, is against shareholder interests,” the source said...
ReaD all about it at http://www.nypost.com/p/news/business/battle_stations_Jwt4guyGMQh6q6TlaO0KVK
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