Activist investor Starboard Value LP disclosed stakes in Yahoo Inc and AOL Inc on Friday, nearly two months after it urged the two companies to merge.

Starboard disclosed a 7.7 million share stake in Yahoo and a 1.9 million share stake in AOL.

This translates to a 0.8 percent stake in Yahoo and a 2.5 percent stake in AOL, according to Thomson Reuters data.

Starboard in September sent a letter to Yahoo, saying a merger with AOL could create up to $1 billion in "synergies" by reducing overlaps in online display advertising and other overhead costs.