Here is my thoughts:1. Buy 10% - 15% Yahoo shares at the cost of under $20 say $18(total investment $2.16B to $3.24B ) to become the largest shareholder and get two seats in the board.2. With the support of other Yahoo board members, sell Yahoo Japan to Softbank to get $6B($5B cash)3. With the support of other Yahoo board members, sell 40% Alibaba to Alibaba to get $13B($10B cash)4. Continue Yahoo stock buyback plan for a couple of years, to buy back up to 1B(currently total is 1.2B) Yahoo shares and retire these shares gradually.5. Now the 10% - 15% shares has become 60% - 75% shares, then sell Yahoo core and patent to MSFT or other buyers at $10B - $15B, get $6B - $9B return, that's 300% - 450% return in a couple of years.
Third point should ask Green light to join and get up to 20% Yahoo shares on open market and get 2 board seats and more voting power.Or third point could come up with a plan and ask other major shareholders to join to increase and release Yahoo shareholder value.
I say PIPE is not such a bad idea as long as you keep your shares with them and don't sell low.Let them do the work, you just hold your shares.
Keep your shares and don't sell, your one share will worth six shares as today in three years.That's 600% return if Yahoo shares remain the same price and EPS as today. With MSFT search deal, that's easy.
First : to get a big dividendSecond : to profit the potential of yahoo with new CEO
I think buying back shares low will make them much more profitable than just having a big dividend! Much much more profit!The only thing they need is you would like to sell low at today's price. Yahoo has bought back 120M shares in the past few years, near 10% of total shares when MSFT offered $47.5B.They should buy more and retire more shares.