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Yahoo! Shareholders In Favor of Selling
Yahoo! is a great company and brand. Last year, when our grassroots shareholder group was formed, we advocated rapid action to turn around the company so that it could stay strong and independent. Although some changes have taken place, including installing Jerry Yang as CEO last June, there have not been enough. As Wall Street lost confidence in the company based on the results and a lack of strategic direction, the stock price dropped below $20. Microsoft made a $33 offer for the company, which Yahoo!'s board has deliberated and rejected. Shareholders have had to live with the consequences of this poor choice.Belief:
We believe that the Yahoo! board does not have the moral authority to represent our views as shareholders in discussions with Microsoft or any other company who wants to buy Yahoo! At the last annual meeting in August, Yahoo! shareholders again voted in record numbers "against" several Yahoo! directors including Chairman Roy Bostock and CEO Jerry Yang.
If we remain isolated, disenfranchised shareholders (whether we an individual owning 1 share or we are a large institutional investor owning thousands of shares), we are powerless to control how Yahoo!'s board acts in getting the best possible outcome for us. If we band together, we can control our own destiny. Together, we can encourage Yahoo! to change for the better and maximize our shareholder value.