Interesting theory from fund manager Eric Jackson: Yahoo needs to get a deal done before January 7.
He explains why:
That’s the day that anyone — but most likely Dan Loeb’s Third Point — could send in formal notice to Yahoo! for the directors it would like to nominate to Yahoo!’s board of directors formally as part of next year’s slate to be elected at the June shareholders’ meeting.
According to the corporate by-laws, formal notice can take place as early as 120 working days before the anniversary of last year’s meeting. That’s January 7th.
If a new board members come aboard they could disrupt the current crop, who want to be seen as saviors, says Jackson.
We’re not sure we buy it. Carl Icahn got his people on the board, and it didn’t amount to much.