| SAN FRANCISCO, March 14
SAN FRANCISCO, March 14 Activist hedge
fund Third Point said it will launch a campaign in the next
seven days to install its own hand-picked directors on Yahoo
Inc's board, blasting the struggling Internet company
for failing to give the firm a greater say in its operations.
"The board's stonewalling, apparent insouciance and decision
not to engage with us in a serious manner, has left us no choice
but to directly approach our fellow owners with the shareholder
slate," Third Point Founder and Chief Executive Dan Loeb wrote
in a letter to Yahoo filed with the Securities and Exchange
Commission on Wednesday.
The letter represents the latest salvo from Third Point,
whose 5.8 percent stake in Yahoo ranks it among the company's
largest institutional shareholders, which has sharply criticized
Yahoo's performance and its strategy.
Third Point said in February it intended to nominate four
directors to Yahoo's board, including former NBC Universal CEO
Jeff Zucker and Third Point's Loeb. The deadline for outside
shareholders to officially nominate a rival slate of directors
to Yahoo's board is March 25.
Yahoo, whose revenue slid by more than a fifth last year,
brought in former PayPal President Scott Thompson as chief
executive in January, five months after Carol Bartz was fired.
Once a Web powerhouse, Yahoo has struggled amid competition
from rivals such as Facebook and Google Inc.
On Monday Yahoo sued Facebook for infringing 10 of its
patents relating to online advertising, privacy and social
Yahoo said in February that four of its board members,
including Chairman Roy Bostock, will not stand for re-election
this year, and appointed a former IBM executive and a former
eBay COO to join the board as independent directors.
Yahoo shares were up 4 cents at $14.67 in after hours
trading on Wednesday.