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.…
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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.