Third Point gains three directors on revamped board; Scott Thompson steps down as Yahoo CEO.
As reported widely in the press, Willkie client Third Point LLC has successfully settled its pending proxy contest after eight months of campaigning for change in Yahoo! Inc.’s board of directors and management. As a result of Third Point’s efforts since the middle of September 2011, eight of Yahoo!’s eleven directors – including Third Point CEO Daniel S. Loeb and two of the three other Third Point nominees, Harry J. Wilson and Michael J. Wolf – will be new to the board since January 2012. In addition, Yahoo!’s board chairman and CEO are being replaced by the company.
Third Point controls 5.8% of Yahoo!’s shares. Founded in 1995, NY-based Third Point LLC is an SEC-registered investment adviser with $9.0 billion in assets under management. In recent years, Willkie has represented Third Point in numerous proxy contests and shareholder activism campaigns, including those with respect to Ligand Pharmaceuticals, Pogo Producing Company, Nabi Biopharmaceuticals, Massey Energy and TXCO Resources.
The current matter was handled by partners Michael Schwartz and Tariq Mundiya and associates Manuel Miranda, Andrew Lloyd, Joseph Antignani and Sarah Woodberry.