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  "documentTitle": "Yahoo! Inc. (YHOO)",
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  "authorName": "Jeffrey C. Smith",
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  "notes": "This is a page from a shareholder letter (Starboard Value vs Yahoo). It uses external quotes to build a case against the board's management of the sale process.",
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      "text": "There are good reasons for shareholders to be highly concerned about the current strategic review process.",
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      "text": "As referenced in the quote above, Yahoo is only now beginning to engage with prospective bidders on NDAs and appears to be demanding onerous and off-market terms.",
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      "text": "There are good reasons for shareholders to be highly concerned about the current strategic review process. Despite what appears to be strong interest... it seems little progress has been made.",
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      "kind": "paragraph",
      "text": "of the strategic review process for the core Search and Display advertising businesses... Thus far, all of our offers have been rebuffed.",
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      "kind": "quote",
      "text": "Bidders are uneasy over what was described as an uncharacteristically long document... 'There's no quid pro quo' for Yahoo bidders.",
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      "kind": "quote",
      "text": "...So there has been no discussions at all... we'll let the process flow and when the process is announced and there's a due diligence room, we'll take a look and then we'll decide what we need to do...",
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      "text": "'Yahoo's asking for restrictions without offering information,' said a sector banker. 'An NDA is a two-way promise. The buyer agrees not to talk, and the seller agrees to disclose private information.' However in this case according to the banker, 'There's no quid pro quo' for Yahoo bidders. — CTFN, March 17, 2016",
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