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Investor activist Carl Icahn is seeking control of the Yahoo board and will run a slate of nine dissident directors, according to his definitive proxy, filed Monday with the Securities and Exchange Commission.
By filing a slate of nine dissident directors, Icahn is seeking to replace Yahoo's entire board at its August 1 annual shareholders meeting. Yahoo's nine current board members are up for re-election to a one-year term. Icahn's goal is to ensure that the next time Microsoft or any other suitor comes a-calling that the path to a buyout will have far fewer potholes in the road.
The problem is that Y! is being selfish - they don't want to be bought by MS. Unfortunately, they are a public company, so shareholders get to decide if they want to take the money and run.
My Yang keeps acting like this is his company to control - it's not anymore.
What I can say that buying Yahoo is a mistake for M$, for 2 reasons:
1) too expensive, M$ can get better technology for this price
2) M$ doesn't have what it takes to bring Yahoo forward. We have clearly seen this in the Live brand.
It's a loss-loss for both sides. But this Iccann is being so aggressive that he might just make it happen, ruining 2 companies by uniting when they are both looking for something new.
But maybe the truth is that Iccann doesn't care if 2 companies go down, maybe he just wants to sell his stake. That's capitalism for you.
A stressed out Ballmer will make his most expensive takeover, to no result, and a early-web entrepreneur, out of ideas, will get his arm twisted.
Only the old hawk will win here. I'll be sad to see Yahoo go. And M$ shareholders, get ready for your wealth to get wiped.
My Yang - The Y key is close the the R key...
I'm also a MS shareholder and I do think that buying Y! is a mistake. Live.com is failing and MS realizes they've no viable search offering. They're thinking about buying Y! because buying Google would raise too many market power concerns.
I think this is why MS keeps insisting they only want to buy a part of Y! (Search).