Third Point to move forward with Yahoo proxy fight

NEW YORK, March 25 Sun Mar 25, 2012 7:15pm EDT

NEW YORK, March 25 (Reuters) - Activist hedge fund Third Point LLC is disappointed by Yahoo Inc's refusal to accept its nominees to Yahoo's board and will move forward with a proxy contest against the Internet company, it said on Sunday.

"Third Point offered several significant compromises to strike a deal and avoid a proxy contest," the fund said in a statement.

"Sadly for shareholders ... the consequence of the board's refusal to accept Third Point's shareholder-friendly proposals will be a time-consuming and distracting proxy contest that the company can ill afford," Third Point said.

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