New York (HedgeCo.Net) – Hedge fund founder Daniel Loeb is taking a step back from Yahoo, resigning his position on the board and selling back his shares in the company. Yahoo has agreed to buy back 40 million shares of common stock owned by Third Point LLC, at $29.11 per share, TechCrunch reports.
The other directors nominated by Third Point – Harry J. Wilson, and Michael J. Wolf, have also submitted their resignations from Yahoo’s board of directors, effective July 31, 2013.
“Daniel Loeb had the vision to see Yahoo for its immense potential – the potential to return to greatness as a company and the potential to deliver significant shareholder value,” said Yahoo CEO Marissa Mayer. “On behalf of the Board and our entire team, I’d like to take this opportunity to personally thank Dan, Michael, and Harry for the tremendous opportunities they created here at Yahoo.”
“Harry, Michael and I are pleased to have played key roles in Yahoo’s resurgence since we joined the Board last spring,” said Third Point CEO Daniel S. Loeb. “Since our Board’s rigorous search led us to hire Marissa Mayer as CEO, Yahoo!’s stock price has nearly doubled, delivering significant value for shareholders.”
Yahoo plans to purchase an additional $1.9 billion of Yahoo common stock, the share repurchase is part of a bigger $5 billion buyback program at the company.
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