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What Does Dan Loeb Want for His $1B — Lotsa Yahoo News, That’s What!

Published on March 20, 2012
by Kara Swisher

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:

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URL: http://allthingsd.com/20120320/what-does-dan-loeb-want-for-his-1b-lotsa-yahoo-news-thats-what/