Yahoo announced today that it will add four board members nominated by activist shareholder Starboard Value. Yahoo avoids what might have been a messy proxy fight as it continues to focus on efforts to sell itself to an interested buyer.
As Yahoo brings these new directors on, it will be critically important to ensure clear communication between management and the board as well as among the directors. Transaction discussions can move quickly, with different offers and terms on the table as well as a shifting set of interested parties. The Yahoo directors have a duty to investors to find the best deal they can for the company, even though it can be very unclear, from day to day, which offer can turn into the best deal. Adding murky communication to the mix is not a recipe for success.
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