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Yahoo has finally taken an a full throttle at dismantling Carl Icahn off the command seat he is trying to be in by reshaping Yahoo and its management board. The chain at anti Icahn-ism began when Icahn voiced his opinion asking Jerry to stop his bullshit; which was Jerry’s stubbornness at not selling off to Microsoft. From there on Jerry stepped up and asked Stock holders to not trust Icahn at any proposal and then he jointly attacked the tag team of Microsoft/Icahn telling them that he has no plans at hanging his boots on Yahoo.
The deal with Microsoft has seen many facets, ones that create a Shakespearean limbo in the web world. The deal was called off by Yahoo in favor of the Search partnership with Google, it breathed fresh air and the blame for previous failure for a no deal situation was put up on the bankers before Yahoo officially declined the Microsoft/Icahn proposal at reshaping Yahoo’s managerial board. Up till now when Yang and Yahoo showed some concern only if Microsoft came with something better. But now it seems obvious that the major issue of concern for Yahoo here is Icahn and that of winning the trust of its stockholders. And today the battle has been brought in the open against the aging investor who according to Yahoo is rocking along the waves trying desperately to mint money out of his stock in Yahoo.
Yahoo has used its homepage, visited by over 304 million unique visitors, world wide to put up a message for its stock holders. This is in order to save itself from Sharky Ballmer and Icahn and to win the proxy war against the investor. He reason is to persuade each and everyone of its valued shareholder from accepting Icahn’s proposal of remaking the entire Board of Yahoo and they have used Icahn’s credibility as an investor. The page ticks off with a statement from Icahn that says:
“It’s hard to understand these technology companies.”*
And already Yahoo has managed to bag into confidence another major investor; Legg Mason’s Bill Miller who has agreed to vote 4.4% of his stakes to support Yahoo’s stand against Icahn. Only if Yahoo can gain the support of Gordon Crawford, the sea is well above Icahn’s head. Below is the table showing from Yahoo’s message at its Proxy facts Icahn’s involvement in major public companies up late and their performances likewise.
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