Finally! After all the slicing that began with a deal to be between Microsoft and Yahoo and that ended with Yahoo waving a good bye to Microsoft in favor of Google, things seem to be settling for Yahoo, Icahn, board members and stockholders, as has been told at Yahoo news.
It’s quite surprising (good nonetheless for Yahoo! As a team) that the person who has had gone so far as calling Yang (co-founder Yahoo) to be talking crap and Yang asking everyone to not trust the old billionaire; Icahn sits right there in the board’s lap with 3 out of 11 seats. The settlement comes in the wake of the proxy battle initiated by Icahn for the annual meeting of Yahoo’s stockholders.
The deal has made Icahn agree to Yahoo’s condition that include withdrawing his nominees for consideration at the annual meeting and also vote his shares in favor of Yahoo’s board. Icahn currently holds 5% of Yahoo’s shares and had teamed up with Microsoft to boost the company’s sell out and replace Yahoo’s board; something duly rejected by both Jerry Yang and the Yahoo team.
The soft side shown by Icahn may largely be due to the recent step by Yahoo to win the trust of shareholders in their favor and the shifting of Legg Mason’s Bill Miller in support of Yahoo must have made Icahn work out a new strategy.
Is this going to worry Microsoft that has head over heels with Yahoo’s deal with Google and crying over the deal at senate. Opinions say that the deal would most probably take shape but this time the deal would be quite properly looked upon wit plan B’s available incase things go haywire. Let’s keep our eyes open to read on the latest update available.
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