SpringOwl Activist Presentation Deck
Starboard's Plan Sells Yahoo At The Lows; Our
Plan Unlocks Meaningful Upside for Shareholders
$35.00
$4.411
SpringOwl!
Asset Management LLC
$22.46²
Starboard's Plan
$31.783
Current Price
Core Business Asian Stakes Tax
Savings
Note: 1 Selling Yahoo Core now at the lows for $6B
2 - 8x EV/EBITDA Multiple for Core Doing $3B EBITDA ($750M Normalized EBITDA plus $2.25B in Headcount Reductions
3- Through working with a Liberty-like partner to realize tax efficiencies with BABA returning to $120/share and YJ increasing in value by 12%
4 - Retiring 228 million shares at $43/share from $4B cash, $1.8B in real estate sales, and $4B in debt
Source: Spring Owl Asset Management LLC
$23.474
Share Count
Reduction
$113.41
Potential Total
Value
Confidential | For Discussion Purposes Only | 23View entire presentation