As per reported information, it has come to light that the top shareholder of Yahoo Inc’s, Capital Research and Management is not at all pleased by the way Yahoo is managing the discussions of the sale.
As per a source familiar with the viewpoints of the institutional investor, CapRe is “extremely unhappy with Yahoo’s board in recent years as well as with the way it is handling the current strategic review process”.
In this regard, CapRe recently contacted Yahoo’s board to express its disappointment and concerns regarding a handful of its sale discussions.
Though various leading news agencies, including Reuters, have published the news along with citing the sources, the majority of them have claimed that the source refused to admit the direct authenticity of the news. In addition, it is somewhat unclear whether or not the managers monitoring Yahoo investment of CapRe have articulated their discontent regarding the sale discussions to Yahoo’s board.
As per reports, Jerry Yang, the co-founder of Yahoo was overseeing an agreement with private equity firms in order to take Yahoo off in bits and pieces from the public markets since it is likely to correspond to his chance of maintaining association with the company.
Earlier on Wednesday, a Yahoo board representative highlighted the points related to a statement released on Friday, which claimed that the strategic review of the Yahoo board is being “properly managed for the benefit of all shareholders”.
Last week, the Chief Executive Officer of Third Point LLC, a shareholder and activist hedge fund, Daniel Loeb fired fresh comments against Yang and insisted on his resignation.
Loeb, in a letter to the Yahoo board, claimed that he was in deep concern seeing the fact that Yahoo is soliciting deals to permit private equity firms to achieve significant equity holdings in the company.