Tuesday, July 22, 2008

Yahoo Deal Wards Off Proxy Fight - NYTimes.com

Not over yet...

The compromise agreement represents a limited victory for Mr. Icahn, whose chances of taking control of Yahoo dimmed last week when one of the company’s largest and most influential shareholders said he would back the existing board. The deal may bring some stability to Yahoo after months of turmoil were set off by Microsoft’s takeover offer and its eventual collapse. Significantly, the deal leaves Jerry Yang, the Yahoo co-founder and chief executive, whom Mr. Icahn had vowed to replace, at the helm of the company.

In a statement Monday, Mr. Icahn struck a conciliatory note, yet he made it clear that he has not abandoned hopes for a deal with Microsoft.

“While I continue to believe that the sale of the whole company or the sale of its search business in the right transaction must be given full consideration, I share the view that Yahoo’s valuable collection of assets positions it well to continue expanding its online leadership and enhancing returns to stockholders,” Mr. Icahn said.

Yahoo Deal Wards Off Proxy Fight - NYTimes.com

Post a Comment