Icahn urges Yahoo’s shareholders to replace Yang and board

Things are not going well for Yahoo’s Jerry Yang. Just as he, along with his board, was busy planning a negotiation for a possible merger with Time Warner’s AOL, influential investor Icahn has written the shareholders a rather strong letter urging a change of the Yahoo Board along with replacing Mr. Yang with immediate effect.

He has mentioned the Yahoo Board’s failure to catch hold of the initial offer by Microsoft to buyout Yahoo for $31 billion. He stated:

Much has been said about how badly the Yahoo board has really “botched up” negotiations with Microsoft over the past months. There is no need to keep pointing out the mistakes I believe Yahoo has made by not taking a $33 billion offer made by Microsoft. One thing is clear that Jerry Yang and the current board of Yahoo will not be able to “botch up” another negotiation with Microsoft again simply because they will not get the opportunity.

Yahoo’s shareholders have been promised by Mr. Icahn that they will be mailed a complete proxy solicitation statement, just in time for the August 1st annual meeting. The proxy solicitation letter would be having the names of people chosen for the replacement of the current board by Icahn.

No Comments

No comments yet.

RSS feed for comments on this post
TrackBack URI

Leave a comment