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Dan Loeb is resigning from Yahoo's (YHOO -3.1%) board at month's end, as will the two other...

Dan Loeb is resigning from Yahoo's (YHOO -3.1%) board at month's end, as will the two other board members originally nominated by Third Point (Harry Wilson and Michael Wolf); the resignations are said to be in accordance with the terms of Yahoo's May '12 settlement agreement with the firm. Also, Yahoo (via its existing buyback authorization) will repurchase 40M shares from Third Point, after which the firm will continue to own 20M shares (less than a 2% stake). Yahoo now has 7 board members. Loeb has made a sizable profit on his Yahoo investment since originally taking a stake in the summer of 2011. (previous)
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Comments (3)
  • Zeus2012
    , contributor
    Comments (709) | Send Message
     
    FUBAR. That's all folks. Talk about Loeb getting a sweet heart deal. Why was this transaction not done like any other block deals where the deal is priced at a 1-3% discount to the close instead of the closing price? If I was a YHOO shareholder, I'd be asking them about conflict of interest and how this price was negotiated.
    22 Jul 2013, 10:05 AM Reply Like
  • RLDAY
    , contributor
    Comments (34) | Send Message
     
    I hope I'm wrong but it smacks of, what shall I say, perhaps under the table dealing?
    22 Jul 2013, 12:58 PM Reply Like
  • deercreekvols
    , contributor
    Comments (6618) | Send Message
     
    CEO Mayer has some explaining to do, which she won't do, of course.
    22 Jul 2013, 02:57 PM Reply Like
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