Skip navigation
Yahoo Video Gallery
Yahoo is done with its cost-cutting program and is now hiring, Chief Executive Carol Bartz told CNBC Tuesday. "We're not...
CNBC's Jim Goldman has the highlights from the Yahoo analyst meeting.
Yahoo is partnering with WPP's GroupM, reports CNBC's Julia Boorstin.
Steve Weinstein, of Pacific Crest Securities, shares his analysis of Yahoo's latest quarterly results.
Tech giant Yahoo reported better than expected Q3 earnings, with cost-cutting and restructuring boosting in the bottom l...
Watchlist Sponsored By :

LATEST TECHNOLOGY VIDEO


Current DateTime: 09:23:04 12 Nov 2009
LinksList Documentid: 19836971
Expiration DateTime: 11/12/2009 9:24:11 AM
    • Intel Taps Melamed 

        A. Dougas Melamed has been named general counsel at Intel, reports CNBC's Jim Goldman.

    • Intel, AMD Research Settlement 

        Intel is paying AMD - it's largest rival for computer processors - $1.25 billion to settle all anti-trust and patent suits. CNBC's Jim Goldman has the details.

powered by digg
Icahn Moving Ahead with Proxy Battle for Yahoo
By: Reuters | 14 May 2008 | 06:15 PM ET
Text Size

Billionaire investor Carl Icahn has elected to move ahead with plans to run a dissident board slate at Yahoo, sources familiar with the matter told Reuters on Wednesday.

Carl Icahn
Shiho Fukada / AP
Carl Icahn 

Icahn, who has amassed a large stake in the Internet company, has lined up at least 12 potential board candidates and could announce the slate as early as Wednesday night, the sources said. The deadline for nominating a dissident slate is Thursday.

Big investors in Yahoo have publicly chastised Yahoo for failing to seal a buyout deal with Microsoft [MSFT  Loading...      ()   ], which abruptly ended talks earlier this month after balking at Yahoo's $37 per share asking price.Icahn's move would have the ultimate goal of pressing Yahoo to agree to be sold, assuming Microsoft is still willing to consummate a deal.

Shares of Yahoo rose more than 2 percent after the bell on Wednesday after word of Icahn's decision. The shares closed [YHOO  Loading...      ()   ] at $27.14 on Nasdaq.

Ryan Jacob, portfolio manager of the Jacob Internet Fund, which holds around 150,000 Yahoo shares, said Icahn will probably prevail in his effort to win board seats.

"There's a reasonable chance that Icahn can be successful," said Jacob. "There's a lot of shareholder unhappiness right now, including ours. It's encouraging because there's the chance that they can be more successful in consummating a transaction with Microsoft."

It was unclear if Icahn plans to run a full slate of ten new directors at Yahoo, or a "short slate," for a non-control position. The details have yet to be worked out, sources said.

One industry expert said he would likely have a better chance with a short slate, since it is unlikely that investors would allow a complete takeover of the board and the attendant uncertainty that such a move would have at Yahoo.

"It's handing the company over to an entirely different team," said Bruce Goldfarb, partner in Okapi Partners, a proxy advisory firm. "While a dissident slate would obviously have a mandate to sell the company, investors just don't give up control without a premium. If Microsoft was on board, he'd have a chance."

The move on Yahoo is the latest of a number of proxy battles that Icahn has recently waged. Last month, Motorola settled a proxy battle with Icahn by agreeing to add two of Icahn's four nominees to its board.

Representatives of Yahoo and Microsoft declined to comment.

Copyright 2009 Reuters. Click for restrictions.
Tools:
Print EmailAdd This share icon
  • digg share

CNBC HIGHLIGHTS

  • Billboard allows music lovers to watch concerts for free online, with five different camera angles.
  • US real estate prices have fallen dramatically, but some places are still doing well. See the best-performing zip codes this year.
  • Vote and suggest your own, and remember--there's a fine line between a hero and a zero.
  • A European dating site finds lovelorn singles from one specific country to be uglier than any other. Who is it?
  • Contributor David Pogue looks at two of the latest efforts to perfect the digital pocket camera.
  • Just in time for the holidays, the Triumph company of Japan offers the latest innovation in women’s undergarments.
ADD COMMENTS
Remaining characters


Current DateTime: 06:21:11 12 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 09:13:47 12 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 01:01:49 12 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:01:49 12 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters