TOKYO (Reuters) - A New York-based hedge fund with a reputation as an activist investor has proposed that Sony Corp spin off its entertainment division via an IPO, saying the move could boost the Japanese electronics firm's shares by as much as 60 percent.
By Joel West: After turning down Microsoft's (MSFT) $31/share purchase offer four years ago, Yahoo (YHOO) shares quickly gave up 25% of their value. Since the post-crash recovery began three years ago, the NASDAQ index is up 80% while YHOO has gone exactly sideways at $15.
Yahoo! has hit more rough waters with its second commander in less than a year being forced to walk the plank.Yahoo! boss Scott Thompson was ousted in the face of controversy about an inflated resume.As part of a truce in a proxy war with mutinous shareholder Daniel Loeb, Ross Levinsohn became interim Yahoo! chief and Fred Amoroso took charge of the board of directors."Yahoo! has been struggling over recent years and this new incident only makes matters worse for the company," said technology industry analyst Jeff Kagan.
By Dana Blankenhorn: Last time I looked at Yahoo (YHOO) my take was that the "resumegate" of then-CEO Scott Thompson might be an opportunity to change the board and start to make money.That opportunity has now been taken. Thompson is out, seeking sympathy on the way with a disclosure of thyroid cancer.
Third Point, a hedge fund run by Daniel Loeb, has been arguing that Yahoo needs new leadership and may need a new direction. Now, its preferred candidate for the CEO's post is in that position on an interim basis.» E-Mail This » Add to Del.icio.us