What Does Dan Loeb Want for His $1B — Lotsa Yahoo News, That’s What!
Last week, Yahoo’s activist shareholder Dan Loeb of Third Point, the New York hedge fund that is waging a proxy fight against the Silicon Valley Internet giant, made a regulatory filing noting that it had spent $971.1 million to acquire 70.5 million shares of Yahoo, a 5.8 percent stake. Loeb asked for Yahoo to consider his alternate board slate, and also wanted its shareholder list to communicate with other investors.
But that’s not all: In another action last week, Third Point asked a Delaware court to give it a look at sealed documents from a now-settled 2008 shareholder lawsuit related to Microsoft’s failed bid for Yahoo.
Said Third Point in its legal request, which Yahoo is seeking to block (of course!): “It is not surprising, then, that Yahoo and its soon-to-be former directors wish to keep details of their embarrassing — and fiduciarily suspect — conduct hidden from view.”
Here’s a video I did talking about the mishegas on WSJ.com’s “Digits” online show: