{
  "docId": "019dd923-622b-71dc-a6dc-61315eb6ee44",
  "docSlug": "a630b5dcec7a",
  "documentTitle": "Yahoo! Inc. (YHOO)",
  "authorId": "18_SpringOwl",
  "authorName": "SpringOwl Asset Management LLC",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-12-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 16,
  "pageCount": 99,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "Uses a historical precedent to frame current PE interest as predatory rather than value-additive.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6dc-61315eb6ee44/16",
  "deckHref": "/decks/019dd923-622b-71dc-a6dc-61315eb6ee44",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6dc-61315eb6ee44.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6dc-61315eb6ee44#slide-16",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.73
      },
      "kind": "callout",
      "text": "It’s nonsense to think Yahoo can’t be turned around as a public company",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8bb1589-321d-4cfc-8f14-703c663c65f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.9,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "list",
      "text": "In 2011, before Dan Loeb announced Third Point's stake, it was reported that Silver Lake and Marc Andreessen wanted to buy Yahoo for $16.50/share or $18 billion. Many commentators on CNBC at the time said this price sounded like a 'good deal' for Yahoo shareholders because Yahoo was too hard to turn around. If Silver Lake/Andreessen had been successful, they would have received not only Yahoo's Core Business, its $9 billion stake in Yahoo Japan, but also its then 44% stake in Alibaba which today would be worth $89 billion. When you hear people say that 'Yahoo should be chopped up' by private equity because Yahoo is 'hopeless', what they're really saying is that Yahoo's public market shareholders should do a wealth transfer to some private equity LPs or public holders of companies like Verizon",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5cc0f59d-8782-4876-965f-5833830e94bb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "1. http://allthingsd.com/20111130/yahoo-bidders-come-in-at-16-50-to-17-50-with-plan-to-keep-jerry-yang-staying-on-board/",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "45d426f7-5e32-48ec-b4ee-ad24d654b429",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Private Equity Has Tried To Buy Yahoo For Cheap Before",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "573dba2b-5f70-4d75-be26-ec5160be52e9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "417e1225-7805-4381-8aaa-1c4a94e77ddc",
      "evidence": "Uses historical precedent to invalidate the 'hopeless' narrative used by PE firms.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}