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Icahn's Proxy War Nears Denouement As Key Yahoo Shareholder Sides with Yang
Created 07/18/2008 - 4:56pm

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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
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Source URL: http://www.maximumpc.com/article/news/icahns_proxy_war_nears_denouement_as_key_yahoo_shareholder_sides_with_yang

Links:
[1] http://www.maximumpc.com/user/opulent_rigs_0
[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’s_board_rejects_microsoft’s_deriding_proposal