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.
For Detailed Investor Profiles on these Investors, click below:
Icahn Associates (Carl Icahn)
Related People: Alexander J. Denner; Brett Icahn; Carl Icahn; Keith A. Meister*
Related Entities: High River Limited Partnership; Icahn Partners; Icahn & Co Inc; Icahn Associates; Icahn Enterprises (formerly American Real Estate Partners); Icahn Fund Ltd; Icahn Partners LP


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