Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mad2 who wrote (18615)	11/4/2011 3:19:15 PM
From: RockyBalboa	Read Replies (1) of 18998

Third Point calls for Yang to quit Yahoo board By Rex Crum SAN FRANCISCO (MarketWatch) -- Third Point LLC, a New York-based investment management firm, on Friday called upon Yahoo Inc. YHOO -1.42% co-founder Jerry Yang to resign from the company's board of directors and for Yahoo to give two board seats to Third Point. In a letter to Yahoo's board, Third Point Chief Executive Daniel Loeb asked for the board seats to come from the departure of Yang and current board chairman Roy Bostock, or by the creation of two new positions on the Yahoo board. Loeb cited Yang's "ineptitude in dealing with the Microsoft MSFT -1.34% negotiations to purchase the company in 2008," when Yang was Yahoo's CEO. Loeb also said Third Point was opposed to any "sweetheart" deal that would sell Yahoo to private equity firms. Third Point is the sixth-largest Yahoo shareholder, according to data from FactSet Research.

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