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Icahn's Proxy War Nears Denouement As Key Yahoo Shareholder Sides with Yang

Posted 07/18/08 at 07:56:59 PM  by Pulkit Chandna

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Yahoo Jerry Yang Close to victory against Icahn

Yahoo’s CEO Jerry Yang has scored a major victory against corporate raider Carl Icahn ahead of the crucial board election on August 1. Legg Mason’s Bill Miller, who owns a 4.4% stake in the internet company, has vowed his allegiance to Jerry Yang and the current board. Bill Miller’s support is being inferred as a fatal blow for Icahn’s Microsoft-backed proxy war as analysts don’t expect any institutional investors – that hold a stake in Yahoo – to back the boardroom coup.

The only glimmer of hope for Icahn is Gordon Crawford, who controls a substantial 6.5% stake. Gordon has hinted that he can align with Icahn but remains undecided. Yang wants to leave nothing to chance and wants to finalize a deal with AOL before the upcoming board elections, however, the chances of the deal going through ere Aug 1 remain slim.

Image Credit: EmpireInternet

COMMENTS:4
TAGS: microsoft, Software, Yahoo, aol, deal, carl icahn, jerry yang, proxy war, board election, bill miller, legg mason, internet search
COMMENTS
avatarBut it still boiles down to

Submitted by gatorXXX on Sat, 07/19/2008 - 1:35am

But it still boiles down to Microshaft...doesn't matter if it's a publicy traded company or not. Like you said...money grubbing morons who not only want value, but power. Microshaft wants power. Nothing less. They tried to do it with IE and other MS only apps forcing it down our throats. There's nothing wrong with being the best or having the best product that everyone wants and putting companies out of business because people want your product not theirs, But doing so by hostile takeover just because you can makes you an A**hole. Your right though, he should have kept control of 51% and they wouldn't be in this fight.

ThE OnLy wAy 2 pLaY!

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avatarUhhh....  yeah. What?

Submitted by Oedipus_Rex on Sat, 07/19/2008 - 5:15am

Uhhh....  yeah. What?

Confused

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avatarMicrotel ???

Submitted by gatorXXX on Fri, 07/18/2008 - 5:19pm

I think it's just plain shi**y how micoshaft is playing this. I know they offered to buy but hell people, this is AMERICA! You shouldn't have to sell your company just cause  a**holes like microshaft and Icahn want it! As I see it...We will have only 3 choices in the world for PC computing in the future....Microshaft, Intel, and Nvidia. Maybe they'll have a competition for the best name for the company and give away a free t-shirt...wait, um, microshaft will still charge 39.95 for shipping. My vote is......MicroNvidtel.....

 

ThE OnLy wAy 2 pLaY!

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avatarBullsh*t

Submitted by Oedipus_Rex on Sat, 07/19/2008 - 12:37am

Publicly traded companies are at the mercy of money grubbing share holders who want value for there shares.  If Yahoo! didn't want to play this they shouldn't have gone public or Yang should have made sure he controlled 51% of the stock. 

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