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The word is out that the hedge funds are circling Yahoo (NASDAQ:YHOO) and Terry Semel. Valleywag is reporting that several prominent hedge funds are smelling blood in the water. Fred Wilson and Eric Savitz picked up on this a couple of weeks ago too.

There are many reasons for this, including several suggestions we made a few weeks ago here about steps Semel needed to take immediately to turn the tide operationally and with the hearts and minds of Wall Street. We repeated many of these same comments today in this radio broadcast.

What's worse, Valleywag is now suggesting that Semel recently presented Yahoo's strategy to the Yahoos and was booed. Even Henry Blodget is saying it's time for Semel to go.

Whether he was or not, Yahoo is attractive for many strategic (read: GOOG, MSFT, Fox, Viacom, Comcast -- even Disney... and don't forget eBay), as well as financial (read: hedge funds), buyers. Great underlying assets + one of the best known brands in the world + well-meaning but ineffective management = great opportunity at $27.40.

Look for something to happen, potentially sooner rather than later.

Source: Hedge Funds Now Circling Yahoo?