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The
activist investor instead wants Yahoo to sell its struggling
Internet business, the newspaper reported on Wednesday, citing a
letter Starboard sent to Yahoo.
Starboard supported the sale of Yahoo's stake of more than $20
billion in Alibaba before the U.S. Internal Revenue Service
(IRS) denied Yahoo's request for a private letter ruling on
whether the spinoff would be considered tax free.
Yahoo said in September it would proceed with the planned
spinoff of its stake in the Chinese e-commerce giant even after
the IRS declined its request.
Yahoo, which has been struggling to revive its core online
advertising business, expects to close the stake sale in the
fourth quarter ending Dec. 31. If the IRS denies the tax-free
status later, Yahoo's shareholders may have to pay about $9
billion in taxes.
Starboard and Yahoo were not available for comment outside
regular U.S. business hours.
(Reporting by Ismail Shakil in Bengaluru; Editing by Anupama
Dwivedi)
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