SAN FRANCISCO (AP) ? A potentially nasty battle to reshape Yahoo’s board of directors will begin within the next week unless the troubled Internet company submits to the demands of a major shareholder.
Third Point LLC, a hedge fund owning a 5.8 percent stake in Yahoo, says its attempts to gain four seats on the company’s board have been rebuffed. Yahoo’s board currently has 11 members.
Unless Yahoo relents within the next week, Third Point plans to ask other shareholders to elect its slate of board nominees. The mutiny would threaten to distract Yahoo Inc. as its recently hired CEO Scott Thompson tries to reverse a financial slump that has depressed the company’s stock.
Third Point issued its ultimatum in a Wednesday letter to Thompson.
Yahoo says it is still evaluating potential board candidates.
