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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
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[2] http://www.alleyinsider.com/2008/7/yahoo-proxy-war-over-legg-mason-votes-for-jerry-and-co-
[3] http://www.maximumpc.com/article/news/icahn_rings_proxywar_alarm_says_microsoft_still_interested_yahoo
[4] http://www.maximumpc.com/article/news/microsoftyahoo_deal_champion_carl_icahn_turns_blogger
[5] http://www.maximumpc.com/article/news/yahoo%E2%80%99s_board_rejects_microsoft%E2%80%99s_deriding_proposal
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