Yahoo! Adds Three Independent Directors (YHOO, AXP, DISCA, IACI, MSFT)
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.…
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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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.