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  "documentTitle": "SpringOwl | Activist Presentation Deck | 99 slides",
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  "authorName": "SpringOwl",
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  "presentationDate": "2015-12-01 00:00:00",
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  "pageNumber": 17,
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  "notes": "The slide uses a direct rebuttal structure to discredit an activist investor's proposal.",
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      "kind": "list",
      "text": "We don’t think their “sell at the lows” argument will be compelling to either the Yahoo board or other Yahoo shareholders\nYahoo’s stock didn’t increase at all the day after the letter was revealed; we believe that’s because Yahoo investors don’t believe Starboard’s plan will work and/or won’t be adopted\nWe think Starboard’s credibility has been substantially weakened in taking this “sell at the lows” approach\nWe disagree with their projected cost savings estimates of $370 - $500M/year; we think at least $2B in annual savings are possible from headcount reductions and cost cuts\nWhile we agree with their estimates about the deterioration of the Core, we can’t understand why they would then conclude that now is the time to sell off the core business at its lowest possible value\nStarboard’s plan – at best – will get Yahoo shareholders an extra $3-4/share for their investment (Selling the core at $6B)\nOur plan will deliver at least an additional $30/share of value to all Yahoo shareholders",
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      "kind": "list",
      "text": "The right turnaround plan and the right partner to help unlock the full value of Yahoo embedded in its current assets\nA turnaround for public shareholders, not a fire sale for a return and strategies wanting to buy a great asset on the cheap",
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      "kind": "paragraph",
      "text": "Starboard – a Yahoo shareholder – on Nov. 19/15 argued that Yahoo not spin off the Alibaba stake but instead sell the core business",
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      "kind": "source-note",
      "text": "Source:\n1. http://www.starboardvalue.com/publications/Starboard_Value_LP_Letter_to_YHOO_08.10.15.pdf\n2. http://www.starboardvalue.com/publications/Starboard_Value_LP_Letter_to_YHOO_11.19.15.pdf",
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      "kind": "title",
      "text": "Starboard’s “Sell At the Lows” Plan Isn’t Attractive",
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      "kind": "title",
      "text": "We Disagree With Starboard’s Suggestion Because:",
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      "kind": "title",
      "text": "What Needs to Happen Now?",
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