Yahoo! Repurchases Stock
July 22, 2013 at 11:16 AM (PT)
YAHOO! INC. has entered into an agreement to repurchase 40 million shares of YAHOO! common stock beneficially owned by THIRD POINT LLC at a purchase price of $29.11 per share. Following the repurchase, THIRD POINT will beneficially own approximately 20 million shares, representing less than 2% of YAHOO!'s outstanding common stock.
What's more, each of the directors originally nominated by THIRD POINT -- DANIEL S. LOEB, HARRY J. WILSON and MICHAEL J. WOLF -- have submitted their resignations from Yahoo!'s board of directors, effective July 31st. The Board will then comprise seven members. MAX LEVCHIN, who was appointed as a director upon mutual agreement between THIRD POINT and the Board, will remain on the Board. The remaining directors are committed to revisiting the Board’s size and composition.
"DANIEL LOEB had the vision to see YAHOO for its immense potential - the potential to return to greatness as a company and the potential to deliver significant shareholder value," said YAHOO! CEO MARISSA MAYER." On behalf of the Board and our entire team, I’d like to take this opportunity to personally thank DAN, MICHAEL and HARRY for the tremendous opportunities they created here at YAHOO!. They have been incredibly supportive as we have built our executive staff and developed our strategy, and they have helped position YAHOO! for future success. While there's still a lot of work ahead, they’ve given us a great foundation."