Search Results for: icahn

Icahn v. Yahoo, Round Kabillion

Some couples just never seem to tire of bickering. Their constant squabbles make small children look mature. Because I know you haven’t had enough of this drama lately, this is another one of those stories.

So, to get us all up to speed: prominent Yahoo shareholder Carl Icahn proposed a proxy board, probably to oust Jerry Yang and take a Microsoft deal. He says Yahoo’s employee severance plan (which would be triggered by a takeover or merger) is a poison pill. Yahoo says their severance plan is to protect and reassure employees and that Icahn has no credible plan for Yahoo. Simple enough, right?

Is Icahn Skipping Yahoo Annual Meeting so Shareholders Can Do His Dirty Work?

UPDATE: The votes are in and there are no surprises from the annual meeting.

On the surface, it appears newly appointed Yahoo board member Carl Icahn, is staying away from the company’s annual shareholder meeting for the good of the company.

On his blog, Icahn states:

I will not be attending. The proxy fight is over and it will not do shareholders or Yahoo! any good to have the annual meeting turn into a media event for no purpose.

It’s those words that have the rest of the media praising Icahn for knowing the difference between “activist shareholder” and troublemaker. But this Pilgrim’s not convinced Icahn’s motives are all selfless.

The AP is reporting that the Yahoo shareholder meeting will likely turn ugly, as unhappy shareholders voice their concern over not selling to Microsoft.

Yahoo Responds to Icahn: No You Cahn’t

As if things aren’t already nasty enough for Yahoo these days, this week, lawsuits and allegations abound that Yahoo’s spurning of Microsoft’s offer earlier this year was motivated by personal biases. Yahoo has responded to the most vocal (and likely most powerful) of their detractors, Carl Icahn, in a letter by Chairman Roy Bostock.

Icahn, a large shareholder of Yahoo, has already already attempted to file a proxy slate to replace the whole board, although his efforts have been rebuffed thus far.

Yahoo continues to resist Icahn’s hostile advances this week. Bostock begins the letter by stating that the board takes issue with Icahn’s June 4 letter and accusations: “Your letter seriously misrepresents and manipulates the facts regarding the recent events pertaining to Microsoft and Yahoo!” (It’s nice to have a company name with an exclamation point; it makes your points more emphatic without the tackiness of all caps ;) .)

Icahn Sells Off (Some) Yahoo

icahnRemember all the drama between Carl Icahn and Yahoo last year? As a major shareholder, he lobbied for Yahoo to take Microsoft’s buyout offer (any offer!). And then there were some I’ll-replace-your-whole-board-of-directors threats, and some nuh uhs. And some I’ll-get-you-yet,-Yang!s and some “what-ever”s and some pbbbts and “You’re nuts”s. . . . Yeah, for a while there it was a little ugly. Eventually, Yahoo tried to placate Icahn with a luxurious spot on their board for him and two of his closest friends!

But it looks like even that wasn’t enough to keep Icahn happy for long. AllThingsD reports today that Carl Icahn has recently sold off a sixth of his shares in Yahoo at a significant loss—$125M. Although he retains his and his cronies’ seats on the board, and 63M shares (about 4.5% of the company), taking that kind of loss doesn’t look so good for Yahoo.

Carl Icahn to Join Yahoo Board as Part of Newly Announced Settlement

Here’s an interesting twist in the Yahoo/Microsoft/Icahn love triangle–Carl Icahn and Yahoo have just kissed and made-up.

Under a newly announced settlement, Carl Icahn and two of his cohorts will be elected to Yahoo’s board of directors.

Following the 2008 annual meeting, the Yahoo! Board will be expanded to 11 members. Carl Icahn will be appointed to the Board and the remaining two seats will be filled by the Board upon the recommendation of the Board’s Nominating and Governance Committee from a list of nine candidates recommended by Mr. Icahn, which includes the eight remaining members of the Icahn slate of nominees and Jonathan Miller, currently a partner in Velocity Interactive Group and former Chairman and CEO of AOL.

Icahn, Shareholders Want Yang Out of Yahoo

Two strikes against Yahoo chief Jerry Yang: there appears to be a growing movement to take him out of the top position at Yahoo.

Carl Icahn, who received approval to purchase more Yahoo shares last week, already attempted to file a proxy slate to replace the whole board, which would have included ousting Yang. Although his efforts have been rebuffed thus far, Icahn continues to fight the good fight, according to the Wall Street Journal today.

Mr. Icahn . . . said in an interview that he will seek to remove Mr. Yang if his effort is successful. In the next day, Mr. Icahn said, he plans to make a public statement highlighting his concerns about the actions of Mr. Yang and the board.

Champagne Pops at Yahoo as Carl Icahn Resigns Board Position

The single biggest PITA for Yahoo has decided to leave his board position.

If you’re not aware of just how disruptive the self-labeled "activist investor" Carl Icahn has been, a quick review of our archives should bring you up to speed.

It appears that Carl Icahn isn’t happy unless he’s getting his way, and for all intents and purposes, he’s had his way with Yahoo. After criticizing the company for not selling to Microsoft, forcing his way onto the board of directors, then dumping a bunch of shares, our prediction that he was about to bail, has come true.

In a parting statement, Icahn appears to offer legitimate praise for Yahoo CEO Carol Bartz: