Daniel S. Loeb is getting back into the activist arena.
After spending years working behind the scenes to push for change, the hedge fund manager is once again openly admonishing management and battling a corporate board. The target: Yahoo.
His firm, Third Point , has amassed a 6 percent stake in the struggling Internet company, and he intends to propose a slate of four directors, including himself, at the company’s annual meeting. He has also sketched out a turnaround strategy for Yahoo that does not necessarily match management’s vision.
It’s his first real activist campaign in nearly five years.
“He acts in our interest,” said Robert L. Chapman Jr., the founder of Chapman Capital, which owns a 2 percent stake in Yahoo. “Because if the stock tanks, no one gets hurt more than Dan.”
Yahoo is paying attention. In February, a month after being named chief executive, Scott Thompson called Mr. Loeb, according to people with knowledge of the matter. They have spoken several times since then, discussing Yahoo’s relationship with advertisers, the display advertising business and other strategic issues.Page 1 of 6 | Next Page