Yahoo! Inc. (NASDAQ:YHOO) [Detail Analytic Report] moved down in early trading session on Wednesday as it reported that management team and directors have given a warm welcome to Starboard Value LP Chief Executive Jeffrey Smith since he joined the company’s board after a contentious battle, he said on Monday. “Yahoo has been great,” said Smith, who was speaking on a panel at the Milken Institute Global Conference here. “The board members have been terrific and welcoming, the management team has been terrific and welcoming. This is no different from almost all of the companies that we get involved with.”
The founder of the activist hedge fund is coming off a major agreement struck with Yahoo last week, in a deal in which Smith and three associates joined the Internet company’s board of directors after a contentious battle that nearly went to a shareholder vote. After more than a year of pushing for business and leadership changes at Yahoo, Starboard nominated a nine-member slate this spring to replace Yahoo’s entire board. With the proxy battle now finished, the company is pressing ahead with the auction of its core business.
In a regulatory filing with the Securities and Exchange Commission last Friday, Yahoo revealed that CEO Marissa Mayer will get a severance package of $55 million if the sale of its Internet operations costs Mayer her job. The payout includes cash severance of $3 million, restricted stock units and options.
GrubHub Inc. (NYSE:GRUB) [Detail Analytic Report] reported that a better-than-expected 27% increase in quarterly revenue as more diners used its services to order meals online. The number of active diners using GrubHub’s services rose 24 percent to 6.97 million in the first quarter ended March 31 from a year earlier, the company said on Tuesday. GrubHub, which serves more than 40,000 restaurants in more than 1,000 U.S. cities, said revenue rose to $112.2 million from $88 million. Analysts on average were expecting revenue to increase to $111.3 million, according to Thomson Reuters I/B/E/S. The firm’s full-year revenue estimate of $450 million to $465 million as compared with analysts’ estimates of $456 million. The firm released 2015 revenue of $361.8 million. GrubHub also reported that it acquired LAbite, a delivery service servicing restaurants in Los Angeles and Orange counties. The company faces growing competition in the business from Amazon.com Inc.’s Prime Now, Yelp Inc’s Eat24 and ridesharing service Uber’s UberEATS.
TripAdvisor Inc. (NASDAQ:TRIP) [Detail Analytic Report] released that management will participate at the following investor conferences: 3rd Annual SunTrust Internet & Digital Media Conference on Tuesday, May 10, 2016 at 11:30 a.m. Pacific Time (2:30 p.m. Eastern Time) San Francisco, CA. TripAdvisor is the world’s largest travel site, enabling travelers to plan and book the perfect trip. TripAdvisor offers advice from millions of travelers and a wide variety of travel choices and planning features with seamless links to booking tools that check hundreds of websites to find the best hotel prices.