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Breakingviews: Yahoo's wronged investors

Monday, Jul 22, 2013 - 03:17

July 22 - Antony Currie and Rob Cyran explain why the Internet firm's preferential treatment of activist Dan Loeb leaves other shareholders in the lurch.

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-- must getting some much freedom back Yahoo! is buying back shares from download set point which to Austria. For about sixty million shares -- maybe didn't used to Yahoo!'s CEO -- an -- -- -- -- -- all other shareholders several Serran tell us was going on him. Well let -- has agreed his agreed to buy back two thirds who have stakes -- higher paying over one point two billion to loved to exit. And on his back at them at market rates and last week you -- which it seems fair depending of course you know accurate actually to sell. Chunk of its stock again it take much lower priced right -- I think is it uses up most Yahoo!'s remaining. Buyback program they had about one point nine billion remaining in Iraq buying back one point two billion. So the words he's kind of jumping to the have a pile right and and the other problem is of course is that he had 33 directors. We're nominated by his. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- They've done is they've picked the stocks in -- doubled. Of course the problem is that now armed. We'll continue to do well now that -- gone first off you know he's extracted a lot of cash is there's only Greenbelt the company DD unemployment it's it's a fantastic wedding at. We'll put in some money blitzing the 6000 feet on the portable that you decided to -- up again -- reference vial back are hairs. The other part of course is that without three directors from -- you've kind of reduce have been the discipline on the company. You know -- young guns start buying more companies like Tumblr -- -- revenue presets for very large amounts. My guess is you know the chances that come -- it doesn't cost. That they may you'll get somewhat -- back in again in -- still has twenty million -- exactly yeah but he's also he's he's more than doubling his money at least doubling his money say. So reached a -- -- say thank you very much yet I think love is is turning his sights on something like Sony. You know we're running on some very large stake in trying to think and it's been up there fills us Marisa -- she's she's gonna just every year ending. How much has the company changed how much community tributes so the -- -- in -- -- such wolf part of the change has been real use it when Meyer came on about almost all the company's values tied up into Asian assets -- what we -- it -- and energy to get -- entered the got a plan for getting rid of the rest of -- That's that's a big change and they've gone ahead and they can't be -- Tumblr. But the existing US operations -- business is not doing well as we saw sobriety earnings report last week and yet says she still the problem it's a young he's doing is very much a work in progress which means you ready one. Some good people in the -- and then knowing that not replace game these three people leaving -- not yet we don't know it. And said if that's the case and it could be that it Yahoo! still has. Some -- -- surprising it's -- and it's enough -- thanks rob will be keeping an eye on Yahoo! Marissa -- animal -- back tomorrow with more breaking news.

Breakingviews: Yahoo's wronged investors

Monday, Jul 22, 2013 - 03:17

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