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Yahoo! 'not operating in shareholder interests'

Yahoo! is not operating in the interests of its shareholders, according to one expert.

14 December 2011

In looking to begin sales negotiations to make a part of their company available to private equity groups, the board of internet company Yahoo! is not acting in the interests of its shareholders.

This is according to hedge-fund manager and chief executive of Third Point Daniel Loeb, who issued a statement saying the firm should be sold as a whole, rather than in minority pieces.

It had been previously reported the organisation is considering business negotiations that would give any potential interested company a controlling stake.

Mr Loeb's letter noted his company is a 5.2 per cent beneficiary - one of the largest holders.

"We cannot stand by silently if such reports are accurate and Yahoo, a company in no need of cash, plans to engage in a sweetheart deal," Mr Loeb's letter read.

He may have nothing to be worried about, as a recent survey by Thomson Reuters found much of the loan market will not be supportive of such a deal.

Posted by David Gleck

Sources: Reuters, Wall Street Journal, December 13th

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