Yahoo Shareholder Says Yang Should Resign Board Seat

Law360, New York (November 4, 2011, 6:46 PM EDT) -- Yahoo Inc.'s second-largest shareholder said Friday that company co-founder Jerry Yang should resign from its board for bucking shareholder interests by reportedly negotiating a deal with private equity firms that would give them a controlling position in the Internet giant.

In a letter to Yahoo's board, Daniel S. Loeb, the CEO of hedge fund Third Point LLC, expressed serious concerns over reports that the Sunnyvale, Calif.-based company is mulling a leveraged recapitalization in which the firms could amass sizable equity positions that, when combined with the...
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