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Greenlight Doubled Yahoo Shares Before Starboard Won Board Seats

  • Internet company up 13% in 2016 amid pressure from activists
  • Einhorn’s hedge fund also boosted Apple stake in first quarter

Greenlight Capital, the $9 billion hedge fund led by David Einhorn, more than doubled its stake in Yahoo! Inc. before the company gave in to pressure by activist Starboard Value and averted a proxy war.

The hedge fund purchased 2.38 million shares in the Internet company, bringing the value of its stake to $162 million as of March 31, according to a filing Monday with the U.S. Securities and Exchange Commission. Yahoo, which reached an agreement that gave Jeffrey Smith’s Starboard control of four board seats last month, has seen its shares rise almost 13 percent this year.