Second largest shareholder Legg Mason opts to support Yahoo! in its tough times
“Telling the shareholders, you are going to take something away from them is not an (ideal) way to get their support,” quipped Legg Mason, Yahoo!’s second largest shareholder.
Very few shareholders have come out publicly in support of the online search and content firm in its recent tough times. But Legg Mason is an exception to this. He has indicated that he will support Yahoo!’s efforts to avoid a takeover and remain independent in case Microsoft tries to lower the value of its offer to take over Yahoo!
He stated, “If Microsoft lowers the price, I am not prepared to say that is better than Yahoo! remaining independent.” The owner of 7 per cent of Yahoo!’s shares, Mason has indicated that the current bid is not something too exciting for him.
Although he is not saying that they would refuse Microsoft’s money, it does sound like Legg Mason is standing up for Yahoo! in an effort to get Microsoft to revise their offer upward. It seems like this will bring some relief to Yahoo! There are chances that they might still accept what is coming their way, at some stage.
No Comments
No comments yet.