Even though Carl Icahn has said the Yahoo-Google deal might have merit, former search technologist Mark Nelson has announced his support for Icahn's proxy board, according to Barron's. Nelson founded search technology company Ovid Technologies and sold it to Wolters Kluwer for $200 million in 1998.
Today, Nelson is a partner at Mithras Capital, which holds 1.7 million shares of Yahoo.
In a letter addressed to Jerry Yang, Susan Decker and Roy Bostock, Nelson explained the reasoning behind his difficult decision to sell a company he built:
"Despite my emotional commitment to the company, and despite 10 years of enviable growth and profitability, in 1998 the Board and I came to the conclusion that selling the company was the best way to fulfill our fiduciary responsibility to maximize value for all shareholders."
The letter continued on with much of the same arguments we've heard from Icahn in his letters, including references to the poison pill.
Earlier, investor Eric Jackson announced his support for a combo board, that would keep 5 of Yahoo's current board and bring in 4 from Icahn's board. Jackson leads a shareholder group with 3.2 million shares.
Former Search Technologist and Yahoo Investor Mark Nelson Supports Icahn
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