Yahoo-Alibaba Talks Falter as Third Point Steps Up Pressure
(Updates share price in seventh paragraph.)
Feb. 15 (Bloomberg) -- Yahoo! Inc.’s board faced renewed shareholder pressure to make changes yesterday amid a breakdown in negotiations to sell its Asian assets, a deal that could generate more than $10 billion for the company.
Talks to divest a stake in Alibaba Group Holding Ltd. and Yahoo’s Japanese operations have reached an impasse, according to a person briefed on the matter, who asked not to be identified because the discussions are private. The discussions had focused on a tax-efficient deal, though the parties may still pursue other approaches, the person said.
The failure to reach an agreement may put further strain on Yahoo’s board, which announced plans this month to replace some directors while it continues a review of the company’s strategic options. Shareholder Third Point LLC plans to nominate its own slate of directors to the board, saying the recent overhaul didn’t go far enough to soothe concerns about Yahoo’s prospects.
James Wong, vice-president of succession planning at Bank of Montreal, says he is seeing a greater number of business owners who are looking to sell or hand off their business these days. “You speak to bankers and they're a little bit more hungry to
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