Yahoo! girds for fight with activist investor
Yahoo! set the stage Wednesday for a battle with an activist investor intent on winning seats on the struggling Internet giant's board of directors.In a letter to shareholders, Yahoo! said it had been unable to reach a compromise with Daniel Loeb, head of New York-based hedge fund Third Point, who wants a direct hand in running the California company."Regrettably, our efforts to avoid a proxy contest with Third Point were unsuccessful," Yahoo! said a letter to stockholders.