Activist Client Starboard Makes Headlines Following Highly-Publicized Letter to Yahoo! Urging Changes to Management, Board of Directors and Strategic Direction
The Wall Street Journal, The New York Times DealBook, Reuters, Bloomberg and other media publications reported that Olshan client Starboard Value LP is calling for changes to the board of directors, management and a strategic shift at Yahoo! Inc. In a letter written to Yahoo’s Board of Directors, Starboard expressed its growing frustration with Yahoo’s unwillingness to accept Starboard’s help and noting “that investors have lost all confidence in management and the Board.” Starboard criticized Yahoo’s plans to change the direction of the spin, which would require shareholders to wait another year while the existing leadership continues to destroy value. Starboard remains hopeful that Yahoo will work constructively to make mutually agreeable changes to the Board. Olshan Partners Steve Wolosky and Andrew Freedman and associate Meagan Reda represent Starboard in its campaign at Yahoo.