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The activist
investor, which owns about 0.75 percent of Yahoo, plans to
announce Thursday morning that it will nominate nine directors
to Yahoo's board, the Journal said, citing a Starboard letter.
"The board and management have continually failed to live up to
their own promises and shouldn't be trusted with the decision on
whether Yahoo should remain an independent company," the paper
reported, citing the letter.
Starboard has been pushing for changes at Yahoo since 2014,
asking it to separate its Asian assets and sell the core
business.
Reuters reported on March 4 that Yahoo executives would meet
this month with Starboard Value. The two sides will discuss
whether they can come to an agreement in order to avoid a proxy
fight for control of Yahoo.
Shareholders have until March 26 to submit nominations for board
members to be elected at Yahoo's annual meeting this spring.
Starboard has said it is willing to launch a proxy fight with
its own nominations.
Telecommunications company Verizon Communications Inc <VZ.N> and
publisher Time Inc <TIME.N> are among the companies expected to
bid for Yahoo's core business, while some private equity firms
are expected to team up to make offers.
Representatives at Yahoo and Starboard Value could not be
reached for comment outside regular U.S. business hours.
(Reporting By Aurindom Mukherjee in Bengaluru; Editing by
Gopakumar Warrier)
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