Icahn Goes Soft on Yahoo-Google Deal, Investor Urges Combo Board
Carl Icahn has gone soft in the wake of the Yahoo-Google deal, telling Reuters that the deal “might have some merit.” Icahn hasn’t made any actions (such as withdrawing his proxy board) or written any more letters.
Meanwhile, Yahoo investor Eric Jackson is urging other shareholders to vote on a board that would keep 5 of the existing board members while bringing in 4 of Carl Icahn’s proxy board, again according to Reuters. Jackson leads a group of 146 shareholders with a collective 3.2 million Yahoo shares.
Eric Jackson has been vocal in his disapproval of Yahoo’s failure to strike a deal with Microsoft. But his fears may have been exaggerated. Once the deal fell through, he expected Yahoo shares to fall back to their pre-Microsoft bid levels of $19-20 per share. While the stock fell, it never has returned to those lower levels, instead hovering in the $23-25 range.
Perhaps Mr. Jackson is softening just a bit as well?
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