Yahoo Says “No” to Carl Icahn’s Board Demand
Friday, May 16th, 2008;
-- Andy Beal |
Carl Icahn is a powerful and extremely rich man. Companies that count him as a shareholder likely quake in their boots anytime he has something to say. However, Yahoo’s board is not impressed with Icahn’s threats to replace the board members with a selection of his own.
In their public reply to Icahn, Yahoo’s Chairman of the Board Roy Bostock pretty much tells him to go take a long walk off a short pier.
A fair-minded review of the factual record leads to one conclusion: that Yahoo!’s ten-member board, comprised of nine independent directors along with Yahoo! CEO Jerry Yang, remains the best and most qualified group to maximize value for all Yahoo! stockholders.
Conversely, we do not believe it is in the best interests of Yahoo! stockholders to allow you and your hand-picked nominees to take control of Yahoo! for the express purpose of trying to force a sale of Yahoo! to a formerly interested buyer who has publicly stated that they have moved on.
Something tells me that Icahn’s not going to skulk off quietly. What do you think?
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May 16th, 2008 at 11:13 am
Popcorn here! Get your hot popcorn here!
May 16th, 2008 at 11:52 am
Chapter two of the saga starts. We will see a lot more action in the days to come.
May 17th, 2008 at 2:40 am
Yeah I doubt he takes that lightly. I bet he does, or tries, to pull something political off - something big and meaningful but I have know clue what it will be.
May 19th, 2008 at 12:14 am
Well, it looks like Microsoft is coming back to the table…who’s to say that’s not what Icahn wanted in the first place.
Kari’s last blog post..Shakespeare is RIHG (Rolling in His Grave)