It's just not Starboard Value putting pressure on Yahoo (YHOO) anymore. The embattled company is now facing pressure from a number if hedge funds.
First is Canyon Capital Advisors - LA firm and top 15 shareholder has sent a letter to the board pushing for a buyout of its core Internet business or the entire company.
Second is SpringOwl Asset Management, having put together a 99-page presentation to the co. pushing it to cut its workforce by 75% and bring in a new CEO.
With the lack of buyers, a robust turnaround plan will be needed. All three proposals are vastly different, but it starts by abandoning Marissa Mayer's turnaround plan.
SpringOwl isn’t a major shareholder in Yahoo, but still thinks it has the muscle to wage a reasonable proxy fight.
Canyon Capital is criticizing directors for failing to prepare a backup plan to the Alibaba spinoffm saying, “Requiring shareholders to continue to wait for definitive action for another year or more—and extending the tenure of senior management—while the company evaluates this reverse-spin is simply unacceptable,"