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Yahoo ( YHOO ) has reached a deal with Starboard Value to name four independent directors while the hedge fund ends its bid to replace the entire board of the ailing web giant. Under the terms of the agreement, Starboard has withdrawn its Yahoo board nominees. Former Deutsche Bank Securities M&A head Tor Braham, media exec Eddy Hartenstein, Tessera Technologies ( TSRA ) chairman Richard Hill, and Starboard CEO and Chief Investment Officer Jeffrey Smith will become board members, effectively immediately, said Yahoo in a statement. Current directors Lee Scott and Sue James will not stand for re-election at the company’s annual meeting to allow for an 11-member board. “This constructive resolution will allow management and the board to keep our focus on our extremely important objectives,” said Yahoo CEO Marissa Mayer in the statement. Starboard had late last year pressured the Internet heavyweight to nix its Alibaba ( BABA ) spinoff, then in March issued a letter to Yahoo shareholders, telling them it was “extremely disappointed” with the company’s “dismal financial performance, poor management execution, egregious compensation and hiring practices, and general lack of accountability and oversight by the Board.” Under pressure from Starboard, Yahoo has accepted bids for all or part of the company. Verizon ( VZ ) is seen as a lead suitor in the first round of bids. Yahoo stock fell fractionally soon after the opening bell on the stock market today . Separately, Marvell Technology ( MRVL ) agreed to add five directors, giving in to demands from Starboard Value. Starboard took a 6.7% stake in Marvell in February. Marvell Technology stock rose 1.4% to 10.10. Scalper1 News
Scalper1 News