Is it just me, or does Carl Icahn shake-up the Board of Directors at every company he invests in?
News today suggests he’s hell-bent on replacing Yahoo’s board at the August 1st annual meeting.
Icahn filed the final nominating papers for a slate of candidates that will oppose Yahoo’s current nine directors in a showdown scheduled for an Aug. 1 shareholder vote. In separate letter to Yahoo shareholders, Icahn accused the incumbent board of being more interested in protecting its jobs than evaluating the merits of Microsoft’s latest offer for Yahoo’s online search operations.
Icahn, who owns a 5 percent stake in Yahoo, also accused the board of misleading shareholders about some aspects of the proposal, which was rebuffed late Saturday.
Just from memory, and a quick Google search, Carl Icahn has a habit of doing this to companies.
If Carl Icahn is on your board, or a large investor, you may want to have a contingency plan in place.