Icahn buys up Yahoo shares
| May 14th, 2008 |
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| Shareholder Activist and billionaire Carl Icahn has bought up more
than 50 million of Yahoo shares (+$1billion) recently with the
intention of ousting unfavorable Yahoo board members. Icahn is pushing
for the sale of the company to Microsoft. The deal had cooled when
Microsoft left the table after Yahoo President Jerry Yang said that
the company would not be sold for less than $37 a share. Although
Microsoft is not currently bidding for Yahoo, Mr. Icahn hopes that he
can lure them back with a more favorable board. He has until Thursday
to propose an alternative slate of directors to oppose Yahoo's board
at the company's annual meeting set for July 3. The question is, has
Mr. Icahn's actions come too late to save the buyout. It is unclear if
he can win enough support at Yahoo without the Microsoft offer firmly
on the table. Say his nominations do go through it is not guaranteed
that Microsoft will renew its bid for Yahoo. Because of this
uncertainty it is a gamble to replace the board and will make it
difficult for Icahn to win support. |
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For Detailed Investor Profiles on these Investors, click below: |
| Brett Icahn; | Carl Icahn; | Keith A. Meister* | | Icahn Partners; | Icahn & Co Inc; | Icahn Associates; | Icahn Enterprises (formerly American Real Estate Partners); | Icahn Fund Ltd; | Icahn Partners LP | More Recent Headlines
