Bartz Resigns from Yahoo! (YHOO); Possible M&A in Works?
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Carol Bartz may be taking a step in the right direction...away from Yahoo! (Nasdaq: YHOO).
Reports over the weekend have Bartz, who was fired as CEO of Yahoo! last week, resigning her position as a Director on Yahoo!'s Board. One spokesperson for Yahoo! said Bartz was required to resign her position on September 9th, though news of the requirement didn't surface until Sunday.
The news comes as a shake-up atop the Yahoo! hierarchy might be coming. Late last week, hedge fund giant Dan Loeb disclosed a 5.2 percent stake in the Company, and sent a scathing letter to Yahoo!'s Board calling for the resignation of several members and executives. Further, last Friday AOL (NYSE: AOL) shares popped, than sank, on chatter that CEO Tim Armstrong was looking for a potential merger of the companies.
Others, including the WSJ, have speculated that Yahoo! is now focusing less effort on seeking a CEO replacement -- CFO Tim Morse is currently acting on an interim basis -- and could be seeking advice for a potential sale of all or part of the company. The WSJ notes: "Meanwhile, the board is putting a higher priority on evaluating a possible sale of all or parts of Yahoo over a new CEO search, people familiar with the matter have said." Former Yahoo! chief and founder Jerry Yang was even rumored as a potential suitor to acquire Yahoo!
So what now? Well, with Chairman Roy Bostock on the hot seat, and the poor performance of Yahoo! over the last several years -- compared with the S&P and peers -- the nearly $17 billion market cap company may be a solid speculation play on upcoming M&A.
Yahoo! is trading lower Monday morning.
Reports over the weekend have Bartz, who was fired as CEO of Yahoo! last week, resigning her position as a Director on Yahoo!'s Board. One spokesperson for Yahoo! said Bartz was required to resign her position on September 9th, though news of the requirement didn't surface until Sunday.
The news comes as a shake-up atop the Yahoo! hierarchy might be coming. Late last week, hedge fund giant Dan Loeb disclosed a 5.2 percent stake in the Company, and sent a scathing letter to Yahoo!'s Board calling for the resignation of several members and executives. Further, last Friday AOL (NYSE: AOL) shares popped, than sank, on chatter that CEO Tim Armstrong was looking for a potential merger of the companies.
Others, including the WSJ, have speculated that Yahoo! is now focusing less effort on seeking a CEO replacement -- CFO Tim Morse is currently acting on an interim basis -- and could be seeking advice for a potential sale of all or part of the company. The WSJ notes: "Meanwhile, the board is putting a higher priority on evaluating a possible sale of all or parts of Yahoo over a new CEO search, people familiar with the matter have said." Former Yahoo! chief and founder Jerry Yang was even rumored as a potential suitor to acquire Yahoo!
So what now? Well, with Chairman Roy Bostock on the hot seat, and the poor performance of Yahoo! over the last several years -- compared with the S&P and peers -- the nearly $17 billion market cap company may be a solid speculation play on upcoming M&A.
Yahoo! is trading lower Monday morning.
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