|Third Point's Dan Loeb is concerned Yahoo! is not looking out for the best interest of shareholders.|
NEW YORK ( TheStreet) -- Investors are growing tired with the lack of transparency about Yahoo!'s ( YHOO) strategic plan, and one prominent investor has now gone public by asking for clarity on what transactions the company is considering. Daniel Loeb of hedge fund Third Point LLC is vehemently opposed to the proposed deals mentioned in recent media reports, such as the possibility that Yahoo! is considering investments from private equity firms, such as Silver Lake Partners.
In his letter, Loeb said he wants to the company to see if "the Process Letters, which may be published in redacted form, are consistent with the Board's paramount duty to maximize stockholder value." There has been little if any communication from Yahoo! to its shareholders, and Loeb, who owns 5.2% of the stock according to a regulatory filing, has grown tired and fed up. This is not the first time Loeb has raised feathers before, having previously called the board "clowns" at a September CNBC investor conference. The process at Yahoo! has gone on for a while now with little if any public disclosure by the Sunnyvale, Calif.-based company. There have been leaked internal memos that the company is considering all of its strategic options, but little in the way of announcements from the company. This Nov. 4 statement from the company is its most recent communication on the status of the review it began in early September after the ouster of Carol Bartz from the CEO post. Loeb isn't asking for the board, led by Chairman Roy Bostock and company co-founder Jerry Yang, to make communications related to the strategic review available to the public and wants the negotiations to continue to be confidential. But he is asking for an update, something, anything, from the company to indicate where things stand.