Yahoo! Inc. (NASDAQ:YHOO) filled an 8-K this morning in response to Dan Loeb’s threat of launching a proxy war ‘this week.’ Loeb (as stated in his own letter) is the largest shareholder of Yahoo! He has been attempting to bring change to the company for several months already. He wants to change the board and management, both of which he feels have not been doing their jobs properly.
Below is the most recent comments from Yahoo from the SEC’s website (emphasis ours):
As previously stated, in order to achieve the best possible outcome for all Yahoo! shareholders, the Board’s nominating and corporate governance committee continues to review a wide range of highly qualified candidates. The committee has included Third Point’s candidates in its thorough review process and will make its recommendations to the full Board in due course.
The company issued a very vague statement about whether they will compromise with Loeb’s demands.
Loeb called for the following nominees to be added to the board: Harry Wilson, Michael Wolf, Jeff Zucker, and himself. Loeb also stated that Gary Wilson, former CFO of Disney and Marriott, could remain on the Board as Chairman for one year.
Dan Loeb has yet to respond to this statement from the SEC, but the response should be coming out today or tomorrow. ValueWalk will report on the news once