Activist investor Starboard Value is urging Yahoo to go further with its break-up plans, calling on the internet company to spin off its stake in Yahoo Japan as part of a “major overhaul” that would narrow its focus.
激进投资者Starboard Value正敦促雅虎(Yahoo)进一步实施其分拆计划，作为收缩雅虎关注业务的“重大改革”的一部分，呼吁这家互联网集团剥离其在雅虎日本(Yahoo Japan)的持股。
The investor successfully lobbied for Yahoo to split off its $40bn stake in Chinese ecommerce group Alibaba, and said the move announced at the end of January was a “good first step”.
However, it said Yahoo’s financial performance as revenues decline in the core business was “unacceptable” and “troubling”, and that shareholders, analysts and industry executives still had “substantial scepticism” about the company’s management.
Yahoo is led by former Googler Marissa Mayer who took charge in 2012 promising a turnround by reinventing its products from search to apps for the mobile age.
In the letter addressed to Ms Mayer, Starboard estimated that a series of steps could unlock $11.1bn of value or $11.70 per share, including cost-cutting, exploring the sale or lease of intellectual property and real estate assets and returning more money to shareholders.
Starboard’s biggest proposal was that Yahoo should separate its 35.5 per cent stake in Yahoo Japan, which it jointly owns with SoftBank, in a move it estimated could create up to $3.1bn in value.
“In our view, continuing to invest huge sums to alter Yahoo’s competitive position in markets or product categories where the company has little history of past success will prove an expensive endeavour likely to produce sub-scale businesses, with potentially little competitive advantage, and suboptimal profitability.”
Yahoo has already said it will consider all options for this stake after the Alibaba deal is complete.
Responding to the letter, a Yahoo spokesperson said: “We maintain an open dialogue with all of our shareholders and welcome input, and remain committed to delivering sustainable shareholder value through the continued execution of our strategy.”