Posted July 18, 2008 3:46 pm by with 8 comments

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Yahoo’s letter to shareholders yesterday was just the first step in their latest defense against Carl Icahn’s attempts to elect a proxy board at the shareholder meeting in two weeks. Today, Yahoo and its allies strike two more blows.

First, Yahoo has begun leveraging one of its biggest assests—one of (if not the) most popular home pages on the Internet. Yahoo has put a notice about the pending board election below the fold. TechCrunch spotted this earlier today, with a box on the Yahoo home page below-the-fold reading “Your Yahoo!. Your Vote.” An alternate form of the box, as seen by CNET, reads “We have a couple of exclamation points to make.” Finally, a third iteration quotes Carl Icahn:

yahoo home page quotes icahn

The box links to, which lists many of the same defenses that yesterday’s letter did. But probably most interesting is the chart showing fifteen public companies’ stock changes from the time that Carl Icahn became involved in the companies’ stocks:
Yahoo looks at Icahn investments
Of course, Carl Icahn is probably more likely to take risks on companies that aren’t doing so well anyway. Oddly enough, Yahoo didn’t put itself on the list…

Yahoo is also celebrating another victory today as at least one major shareholder supports the current board: Legg Mason, the second biggest stakeholder in the company, announced their support for Yang, Bostock & co. In a statement, Chairman Bill Miller said:

We believe the current Board acted with care and diligence when evaluating Microsoft’s offers. We believe the Board is independent and focused on value creation for long-term shareholders. . . .

We would prefer that the company and Mr. Icahn reach a mutual agreement on the composition of the Board and end this disruptive proxy contest.


Two points for Yahoo today: how long before Carl Icahn’s next volley?

  • he drives the value down, but Ichann always laughs all the way to the bank. He’s notorious for stripping the dollars out in mass quantities.

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  • Ichann definitely laughs all the way to the bank. He makes money on the true value of companies, not the speculation that is the stock market. He knows what he’s doing and Yahoo knows that.

    What a battle they are in.

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  • I do think that Carl is just laughing to the bank

  • Don’t we all wish we were in line at the bank with him though. Sure must be nice.


  • I agree! I would like to be in line at the bank with Carl too…

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  • It is great seeing that Yahoo! is being pro-active in their defense against Icahn. The stats they are quoting definitely doesn’t do Icahn’s cause any favours!

  • Thanks for the information. It would be nice if more people commented on this topic. It’s not too confusing if you read and understand then please teach what your learning..

  • Good for Yahoo! I’m glad they are doing something about this ordeal

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