Deals
Marissa Mayer's Next Headache May Be a Nasty Proxy Fight
- Starboard Value pushes to halt Alibaba share spinoff
- Yahoo board is considering path forward for Web portal
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The risk of a proxy fight against Yahoo! Inc.’s board is mounting as directors debate how the company can satisfy investors fed up with lackluster performance and persistent uncertainty over the spinoff of a $30 billion stake in Alibaba Group Holding Ltd.
Chief Executive Officer Marissa Mayer and her fellow directors met this week amid reports they were considering drastic options, including scrapping the spinoff or selling Yahoo’s main Internet business. The meeting came after activist shareholder Starboard Value publicly demanded changes last month and threatened a fight for board control. For now, the company and its board haven’t signaled a change in direction.