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Yahoo! Adds Three Independent Directors (YHOO, AXP, DISCA, IACI, MSFT)
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Yahoo! Inc. (NASDAQ: YHOO) has added three independent directors to its board in an effort to stave off a proxy fight with activist investor Daniel Loeb. The Internet company added John D. Hayes, chief marketing officer of American Express Co. (NYSE: AXP); Peter Liguori, former chief operating officer of Discovery Communications Inc. (NASDAQ: DISCA), and Thomas J. McInerney, the outgoing chief financial officer of IAC/InterActiveCorp (NASDAQ: IACI).
Yahoo also proposed to Loeb the company add one of Loeb’s nominees, and that the two agree on a fifth director. Loeb rejected the compromises, according to Yahoo’s statement.
Yahoo’s market cap today is less than half what it was when the company rejected a $45 billion offer from Microsoft Corp. (NASDAQ: MSFT) in 2008.
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