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  "documentTitle": "Yahoo! Inc. (YHOO)",
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  "authorName": "Jeffrey C. Smith",
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      "text": "We urge you to change direction and do the right thing for shareholders. As we have expressed to you, we expect the shareholders’ interest to remain of paramount importance and will look to make significant changes to the Board if you continue to make decisions that destroy shareholder value.",
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      "text": "We believe you must make the right choice for Yahoo and its shareholders. What was once complicated and opaque, has now crystallized when analyzed through the lens of reward compared to possible risk. Over the last several months, we have come to realize the situation at Yahoo is one with potential asymmetric outcomes, and therefore, we believe selling the Core Business now is the best outcome for Yahoo shareholders. We urge you to change direction and do the right thing for shareholders. As we have expressed to you, we expect the shareholders' interest to remain of paramount importance and will look to make significant changes to the Board if you continue to make decisions that destroy shareholder value.",
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      "text": "improve the current value of the Core Business. We actually believe that without significant change to the culture at Yahoo, the Core Business could just as likely (if not more likely) decline in value going forward, thereby making a near-term sale of the Core Business even more clearly the correct decision.",
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      "text": "Respectfully,\n\nJeffrey C. Smith\nManaging Member\nStarboard Value LP",
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      "text": "For over a year now, we have attempted to work privately and constructively with you, management, and the Board. Unfortunately, time is now of the essence and the momentum around the proposed Aabaco Holdings spin-off is pulling our investment down the wrong path. I have now offered four different times over the last four months to join the Board to help you analyze this situation given my successful board experience, our perspective as an owner, and my particular knowledge of this situation. Unfortunately, you have repeatedly refused our respectful requests.",
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