Icahn nominates 10 in bid for control of Yahoo board
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Billionaire investor Carl Icahn moved all-in on his fight for Yahoo today, nominating 10 candidates in a bid to kick out every member of the Internet pioneer’s board of directors.
Saying Yahoo’s board “completely botched” takeover talks with Microsoft, Icahn nominated a slate that included himself, former Viacom Chief Executive Frank Biondi Jr., Dallas Mavericks owner Mark Cuban and former New Line Cinema co-chairman Robert Shaye.
In a letter to Yahoo Chairman Roy Bostock, Icahn, who ranks No. 46 on Forbes’ list of the world’s billionaires, said he had snapped up 59 million Yahoo shares and was seeking permission from the Securities and Exchange Commission to amass up to $2.5 billion in the Sunnyvale, Calif.-based company’s stock. Yahoo’s market value was nearly $38 billion this morning. Icahn wrote:
It is unconscionable that you have not allowed your shareholders to choose to accept an offer that represented a 72% premium over Yahoo’s closing price of $19.18 on the day before the initial Microsoft offer. and many of your shareholders strongly believe that a combination between Yahoo and Microsoft would form a dynamic company and more importantly would be a force strong enough to compete with Google on the Internet.
He added that he hoped...
... that Yahoo would listen to its shareholders and “move expeditiously” to close a deal with Microsoft, which earlier this month withdrew a $47.5-billion offer for Yahoo after they failed to agree on a price.
Yahoo didn’t immediately comment. Its annual meeting is scheduled for July 3.
Other candidates nominated by Icahn include Harvard Law School professor Lucian Bebchuk, Hawkeye Investments President John Chapple, Impact Venture Partners Managing General Partner Adam Dell, Icahn Enterprises Principal Executive Officer Keith Meister, Ocean Road Advisors Chairman Edward Meyer and private investor Brian Posner.
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-- Chris Gaither