Starboard Value LP, the activist hedge fund which is leading the revolt against Yahoo Inc’s management team, is now wanting the removal of the entire board of directors of the struggling company, as per the Wall Street Journal.
Starboard Value LP currently owns 0.75% of Yahoo. Citing a Starboard letter, the Wall Street Journal has reported that it plans on announcing the nomination of nine directors to Yahoo’s board.
"The board and management have continually failed to live up to their own promises and shouldn't be trusted with the decision on whether Yahoo should remain an independent company," said the Journal.
Since 2014, Starboard Value LP has been pushing for change at Yahoo. It wants it to sell its core business and divest its Asian assets. Executives from both sides were scheduled to meet on March 4 to iron out burrs so as to avoid a proxy fight for the control of Yahoo.
Yahoo’s shareholders have until March 26 to submit nominations for board members who are to be elected at its AGM this spring. Starboard has said it is willing to launch a proxy fight with its own nominations.
Among the companies who are trying to acquire Yahoo’s core business are Verizon Communications Inc. and Time Inc. A few private equity firms are also expected to team up and make offers.
Starboard Value LP and Yahoo could not be reached for comments outside regular U.S. business hours.
Starboard Value LP currently owns 0.75% of Yahoo. Citing a Starboard letter, the Wall Street Journal has reported that it plans on announcing the nomination of nine directors to Yahoo’s board.
"The board and management have continually failed to live up to their own promises and shouldn't be trusted with the decision on whether Yahoo should remain an independent company," said the Journal.
Since 2014, Starboard Value LP has been pushing for change at Yahoo. It wants it to sell its core business and divest its Asian assets. Executives from both sides were scheduled to meet on March 4 to iron out burrs so as to avoid a proxy fight for the control of Yahoo.
Yahoo’s shareholders have until March 26 to submit nominations for board members who are to be elected at its AGM this spring. Starboard has said it is willing to launch a proxy fight with its own nominations.
Among the companies who are trying to acquire Yahoo’s core business are Verizon Communications Inc. and Time Inc. A few private equity firms are also expected to team up and make offers.
Starboard Value LP and Yahoo could not be reached for comments outside regular U.S. business hours.
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