SpringOwl Activist Presentation Deck
The Problems With Starboard's Plan
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Why sell the core business asset now when, by Starboard's own admission, it is trading at an all-time low valuation?
▪ We would prefer a buy low and sell high approach rather than the reverse.
▪ While Starboard's current stake in Yahoo is about $200 million, half of this stake was bought in Q315 likely when the
stock crashed below $28/share
▪ Starboard's most recently acquired stake in Yahoo is likely already well in the money; therefore, they are incented to
see a quick sale of the company for another $2 - 4/share
Longer tenured Yahoo shareholders would be better served with a plan to unlock $30/share in value and not $3/
share
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