Yahoo is already gearing up for the proxy battle with Starboard Value. It’s hired Innisfree as a proxy solicitor to help tell its story of turnaround promises to shareholders. This comes as Starboard has hired its own proxy firm. The deadline for board nominees is Mar. 25th.
YHOO has also hired investment bank Evercore Partners, which is known for its activist defense tactics. Look for Bill Anderson join in the fun here – Evercore hired Bill from Goldman, where Bill advised Yahoo in 2014.
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YHOO doesn’t appear to want to sell the business or any part of if. Wanting to do a spinoff of the core, or be left to do a turnaround.
Yahoo! Inc. (YHOO) To Lawyer Up Against Starboard Value by Activist Stocks