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Icahn says Yahoo-Google Advertising Deal "might have merit"

     
4:52 pm on Jun 16, 2008 (gmt 0)

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Billionare financier Carl Icahn, who launched a proxy battle in May to replace the board of Yahoo Inc (NasdaqGS:YHOO - News) in the wake of its failed deal to be acquired by Microsoft Corp (NasdaqGS:MSFT - News), said on Sunday the subsequent deal Yahoo forged with Google (NasdaqGS:GOOG - News) "might have some merit."

"While the Google deal is not the same as an offer of $34.375 per share for Yahoo, I am continuing to study it, and it might have some merit," Icahn told Reuters in his first public comments since Yahoo disclosed the Google ad-sharing deal on Thursday.

Icahn declined to comment on whether he would continue to press his proxy battle to replace the board of Yahoo in light of the fact that the company has done a deal with Google.

Icahn says Yahoo-Google Advertising Deal "might have merit" [biz.yahoo.com]

12:50 am on June 17, 2008 (gmt 0)

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He has lost over $100,000,000 per month on this great investment. I think he is talking it up so that hopefully the stock price will recover slightly and he can cash out.
2:49 am on June 17, 2008 (gmt 0)

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Mikedee has it. I'm guessing he's talking it up, selling it down.
4:12 am on June 17, 2008 (gmt 0)

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yep. i hope yahoo stock goes to the teens.
5:40 pm on June 17, 2008 (gmt 0)

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Nice moves from Yahoo to protect themselves: the severance package and now the G deal, nice poison pills, I hope Icahn has a strong metabolism to survive them.
8:48 pm on June 17, 2008 (gmt 0)

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What would you people do if Brett suffered a hostile take over here at WebmasterWorld? Given the obvious changes in site policy would you folks have the same attitudes then?

I for one am rooting for Yahoo, it's not always about money.

- John

*Edit for Typo*

[edited by: JAB_Creations at 8:48 pm (utc) on June 17, 2008]

9:28 am on June 20, 2008 (gmt 0)

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it's not always about money

You joking me right?

WW is not a publicly traded stock whereas Yahoo! is.

9:36 am on June 20, 2008 (gmt 0)

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Nice moves from Yahoo to protect themselves

You are confusing Yahoo (the company) and the Board (headed by Young) - the latter protected himself (and his toy), but seriously hurt the company's prospects - effectively what he did is breaking his fiduciary duties to look after all shareholders of the company rather than his own interests.

It remains to be seen whether Yahoo-Google deal will actually be allowed by anti-competitive entities, because this deal is certainly explicitly designed to reduce competition in the marketplace.