Yahoo Battle Continues After It Names Peter Liguori And Two Others To Its Board

Yahoo’s effort to make peace with hedge fund Third Point, the company’s staunchest critic and owner of 5.8% of the voting shares, was a bust. The struggling Internet giant hoped to end Third Point’s planned proxy fight by naming three independent directors — including former Discovery COO and Fox Entertainment exec Peter Liguori — and giving the fund a say in the choice of two other directors. Yahoo says that “there is value in avoiding the cost and distraction that inevitably accompanies a proxy fight.” But Third Point rejected the plan, saying that it shows “one of Yahoo!’s paramount principles of corporate governance is ‘Shareholders not welcome’.” That leaves the fund with “no choice but to take our case directly to our fellow shareholders…Yahoo!’s shareholders deserve a voice and a choice.  We intend to provide them with one at this year’s Annual Meeting.” Third Point’s slate consists of CEO Daniel Loeb, corporate restructuring expert Harry Wilson, media consultant Michael Wolf, and former NBCUniversal CEO Jeff Zucker. Last week Loeb complained that Yahoo had been “dismissive” in its review of his slate. (more…)

This article was printed from