Looks like Yahoo is more concerned about the Third Point founder’s intentions than everyone let on early this week when they announced that the company would pay $1.16B for 40M of Daniel Loeb’s shares, bringing his stake below 2%. The agreement also includes an extended standstill agreement, which prevents Loeb from moving against Yahoo management into 2018, according to an SEC filing today. It bars the hedge fund from owning more than 3% of Yahoo’s shares. Loeb can’t solicit proxies or make a shareholder proposal. The activist investor also would need board approval before he could participate in a merger or a restructuring or recapitalization involving one of Yahoo’s subsidiaries or affiliates. The Internet company said that it wouldn’t disparage Loeb and his colleagues, Michael Wolf and Harry Wilson — all of whom will resign from the board at the end of this month. Loeb is an investor...
- 7/25/2013
- by DAVID LIEBERMAN, Financial Editor
- Deadline TV
Yahoo shares are down more than 3% this morning after the company said that it has bought back most of the shares owned by Third Point’s Daniel Loeb — leading him and colleagues Harry Wilson and Michael Wolf to resign from the board at the end of this month. ”Since our Board’s rigorous search led us to hire Marissa Mayer as CEO, Yahoo!’s stock price has nearly doubled, delivering significant value for shareholders,” Loeb says. “I’m confident that with Marissa at the helm and her team’s focus on innovation and engaging users, Yahoo! has a bright future.” The agreement to buy 40M of Loeb’s shares, at $29.11 apiece, will bring his stake in the company below 2% — and will count toward the company’s plan to repurchase $1.9B of its stock. Loeb is an investor in Variety with Deadline’s parent company Pmc. The sale makes sense for Loeb,...
- 7/22/2013
- by DAVID LIEBERMAN, Financial Editor
- Deadline TV
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