Activist investor Starboard Value LP said on Friday it has acquired a significant stake in Yahoo Inc (YHOO.O) and urged the struggling Internet company to cut costs, monetize its Asian assets and seek a “strategic combination” with AOL Inc (AOL.N). Shares of Yahoo Inc were up 3.75 percent at $40.41 at midday. In a letter to Yahoo Chief Executive Marissa Mayer, Starboard said it was looking forward to “engaging directly” with Yahoo to discuss how its plan could be implemented in a timely manner.