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Activist investor Starboard Value is urging Yahoo to go further with its break-up plans, calling on the internet company to spin off its stake in Yahoo Japan as part of a “major overhaul” that would narrow its focus.
激进投资者Starboard Value正敦促雅虎(Yahoo)进一步实施其分拆计划，作为收缩雅虎关注业务的“重大改革”的一部分，呼吁这家互联网集团剥离其在雅虎日本(Yahoo Japan)的持股。
The investor successfully lobbied for Yahoo to split off its $40bn stake in Chinese ecommerce group Alibaba, and said the move announced at the end of January was a “good first step”.
Starboard曾成功游说雅虎剥离其在中国电商集团阿里巴巴(Alibaba)的400亿美元股权，Starboard表示在1月底宣布的这项举措是“很好的第一步”。
However, it said Yahoo’s financial performance as revenues decline in the core business was “unacceptable” and “troubling”, and that shareholders, analysts and industry executives still had “substantial scepticism” about the company’s management.
然而，Starboard表示，由于核心业务收入下滑，雅虎的财务表现“令人不可接受”和“担忧”，股东、分析师和行业高管对雅虎管理层持“严重怀疑态度”。
Yahoo is led by former Googler Marissa Mayer who took charge in 2012 promising a turnround by reinventing its products from search to apps for the mobile age.
前谷歌(Google)副总裁玛丽莎•梅耶尔(Marissa Mayer)于2012年接任雅虎总裁，她承诺将通过为这个移动时代改造其产品（从搜索到应用软件）实现复苏。
In the letter addressed to Ms Mayer, Starboard estimated that a series of steps could unlock $11.1bn of value or $11.70 per share, including cost-cutting, exploring the sale or lease of intellectual property and real estate assets and returning more money to shareholders.
在写给梅耶尔的这封信中，Starboard估计，一系列举措可能会释放111亿美元的价值，合每股11.70美元，包括成本削减、探讨出售或出租知识产权和房地产资产以及将更多资金返还给股东。
Starboard’s biggest proposal was that Yahoo should separate its 35.5 per cent stake in Yahoo Japan, which it jointly owns with SoftBank, in a move it estimated could create up to $3.1bn in value.
Starboard最重要的提议是雅虎应剥离其在雅虎日本的35.5%股权，Starboard估计此举可能会最多创造31亿美元的价值。雅虎日本由雅虎与软银(SoftBank)共同所有。
“In our view, continuing to invest huge sums to alter Yahoo’s competitive position in markets or product categories where the company has little history of past success will prove an expensive endeavour likely to produce sub-scale businesses, with potentially little competitive advantage, and suboptimal profitability.”
“我们认为，事实将证明，继续大规模投资，以期改变雅虎在那些过去无成功经验的市场或产品中的竞争地位，将付出高昂代价，可能会造成业务不具规模，缺乏竞争优势且盈利不佳。”
Yahoo has already said it will consider all options for this stake after the Alibaba deal is complete.
雅虎已表示，将在与阿里巴巴股权有关的协议完成后，考虑有关这笔股权的所有选择。
Responding to the letter, a Yahoo spokesperson said: “We maintain an open dialogue with all of our shareholders and welcome input, and remain committed to delivering sustainable shareholder value through the continued execution of our strategy.”
雅虎发言人在对此信回应称：“我们将继续与所有股东展开开放对话并欢迎各种建议，同时将继续执行目前的战略以实现可持续的股东价值。”
