YHOO: Dan Loeb is resigning from Yahoo's (YHOO...

9:49 AM Dan Loeb is resigning from Yahoo's (YHOO -3.1%) board at month's end, as will the two other board members originally nominated by Third Point (Harry Wilson and Michael Wolf); the resignations are said to be in accordance with the terms of Yahoo's May '12 settlement agreement with the firm. Also, Yahoo will repurchase 40M shares from Third Point, after which the firm will continue to own 20M shares (less than a 2% stake). Yahoo now has 7 board members. Loeb has made a sizable profit on his Yahoo investment since originally taking a stake in the summer of 2011. (previous) Read comments

YHOO price at time of publication: $28.22. Check YHOO price now »

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