Canyon Capital Advisors LLC sent a new letter to Yahoo Inc's board on Jan 14, asking it not to waste any further capital and to prioritise a sale of its core business, a portion of its assets, or the entire company.
Canyon, a Los Angeles-based investment firm and a Yahoo shareholder, wrote in a letter seen by Reuters that the Internet company's board and management team have spent in excess of US$3bil (RM13.16bil) on acquisitions to which, based on its stock price, the market appears to ascribe absolutely no, or negative, value.
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