SpringOwl Activist Presentation Deck
Private Equity Has Tried To Buy Yahoo For Cheap
Before
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In 2011, before Dan Loeb announced Third Point's stake, it was reported that Silver Lake and Marc Andreessen
wanted to buy Yahoo for $16.50/share or $18 billion¹
Many commentators on CNBC at the time said this price sounded like a "good deal" for Yahoo shareholders
because Yahoo was too hard to turn around
If Silver Lake/Andreessen had been successful, they would have received not only Yahoo's Core Business, its $9
billion stake in Yahoo Japan, but also its then 44% stake in Alibaba which today would be worth $89 billion
When you hear people say that "Yahoo should be chopped up" by private equity because Yahoo is "hopeless", what
they're really saying is that Yahoo's public market shareholders should do a wealth transfer to some private equity
LPs or public holders of companies like Verizon
It's nonsense to think Yahoo can't be turned around as a public company
Source: 1. http://allthingsd.com/20111130/yahoo-bidders-come-in-at-16-50-to-17-50-with-plan-to-keep-jerry-yang-staying-on-board/
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