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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": 68,
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  "notes": "The slide summarizes a specific activist proposal regarding asset divestiture and capital return.",
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      "kind": "list",
      "text": "\"...we believe Yahoo should hire a financial advisor to sell the Core Business as a taxable asset sale...\"",
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      "text": "\"We believe the current net cash of Yahoo and the cash generated from the Core Business sale can be returned to shareholders in a tax efficient manner in some combination of share buybacks, returns of capital, and dividends.\"",
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      "text": "The proposed spin-off of Aabaco Holdings, Inc. (\"Aabaco Holdings\") is not Yahoo's best alternative. Instead, you should be exploring a sale of Yahoo's core Search and Display advertising businesses (\"Core Business\") and leave Yahoo's ownership stakes in Alibaba Group and Yahoo Japan in the existing corporate entity.",
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      "text": "Starboard argues that the market is currently valuing Yahoo's core business at 2.2x trailing Enterprise Value to EBITDA",
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      "text": "Although Starboard previously advised that Yahoo spin-off its Alibaba stake, it recently suggested maintaining its Alibaba and Yahoo Japan stakes and, instead, selling its core business:",
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      "text": "Source: http://www.prnewswire.com/news-releases/starboard-delivers-letter-to-yahoos-chairman-ceo-and-board-of-directors-300181776.html",
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      "text": "The Starboard Plan",
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