SpringOwl Activist Presentation Deck
Step Eight: Sale and Partial Leaseback of
Sunnyvale
Sunnyvale is a campus with 1 million square feet of office space
▪ Yahoo owns the property outright
Comparable office space in the area leases for $80 - 100 per square foot
▪ The underlying value of the land and office space is between $1.5 -1.8 billion
▪ Yahoo could sell the space and lease back only the office space needed for a sharply reduced workforce
▪ This step is by no means the most important for Yahoo's future; to be clear, Yahoo must fix the problem of having a
bloated company and scattered and poorly articulated strategy
However, $1.5-1.8 billion is real money and shareholders deserve to have their management team fighting on
their behalf at all times
M
■
This additional capital can be used to retire additional shares
Source: Spring Owl Asset Management LLC
SpringOwl!
Asset Management LLC
Confidential | For Discussion Purposes Only | 84View entire presentation