Carl Icahn stocks up on Yahoo
Financier to consider proxy fight
More Articles:
Most Viewed:
'Carol' in tune with box office(4243 views)Gyllenhaal goes straight to 'Source'(2236 views)The Wanda Sykes Show(614 views)'Precious' on path to indie success(593 views)Bradley Cooper 'Fields' film offer(590 views)'Wanda' off to good start in ratings(533 views) |
The financier has bought as many as 50 million Yahoo shares since Microsoft unplugged its takeover bid May 3 and is said to be weighing a proxy fight of his own. However, he must act quickly, because the deadline to submit Yahoo board of director candidates is close of business Thursday.
Yahoo's annual shareholder meeting will be held July 3. Its board has 10 directors, and Icahn could nominate a partial candidate slate. Microsoft had previously assembled its own slate when it was weighing a hostile takeover bid but disbanded them after withdrawing its $47.5 billion offer.
Icahn's spending spree gives him less than 4% of Yahoo's outstanding shares. His run against the Netco could hinge upon Microsoft's willingness to revisit its takeover bid, which it has not yet shown itself willing to do.
Barring that, he might pool forces with other disgruntled Yahoo investors.
Icahn has taken on myriad companies over the years, with mixed success, and is currently backing Blockbuster's attempt to take over Circuit City. Late last week, the struggling electronics chain said it would open its books to Blockbuster now that Icahn has put in writing his offer to cover the purchase price, should the vidtailer not be able to.
News of Icahn's potential proxy fight sent Yahoo stock into heavy trading Tuesday. Shares ended 5% up at $26.56 at market close on a volume of 81.1 million shares.
