Starboard Value LP is taking first steps toward a possible proxy fight with Yahoo Inc, suggesting the activist investor isn’t pleased with the attempts to streamline its company of Yahoo, Bloomberg reported citing people familiar with the issue.

Okapi Partners LLC, a proxy-solicitation advisor generally used by Starboard, has been calling Yahoo investors, Bloomberg said.

In January, Starboard ramped up pressure on Yahoo, increasing the prospect a proxy battle is approaching and taking aim at Chief Executive Marissa Mayer and her leadership team.

If Yahoo’s stock continued to suffer the activist investor had threatened to shake up the board.

Other investors also have demanded Yahoo to split its Asian assets, including positions in Chinese e commerce company Alibaba (BABA.N) and Yahoo Japan Corp, and run an immediate public auction of the core business, including search and marketing companies.

Yahoo, Starboard Value and Okapi Partners couldn’t be reached for comment outside regular U.S. business hours.