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Pickens Sells Yahoo Stake at a Loss
Published:
Tuesday, 29 Jul 2008 | 12:58 PM ET
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By: Becky Quick
Billionaire oil investor T. Boone Pickens sold his entire stake in Yahoo at a loss in frustration over the failure of the company to reach a deal with Microsoft.
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Richard Drew / AP Boone Pickens |
] shares in May, backing an attempt by activist investor Carl Icahn to force the Web portal to rekindle negotiations with Microsoft, which had offered to buy Yahoo for $47.5 billion. Pickens did not disclose how much he lost on the investment. According to FactSet Research, Yahoo shares traded at an average of $26.78 during the month of May, and had currently fallen to about $20. This means Pickens' loss could be more than $50 million.
Yahoo reached a settlement with Icahn and two of his nominees last week. The deal with Icahn spared Yahoo from a proxy battle at its annual meeting on Friday.
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