More rumblings in the ongoing Yahoo-Microsoft saga, with Carl Icahn calling for Yahoo CEO Jerry Yang's head. Meanwhile, the board has set its annual shareholders meeting for August 1. And just to keep things extra interesting, Sue Decker, the No. 2 exec at Yahoo, got up at a public forum to say that yes, we still are talking to Microsoft. Check out my interview with CNET News.com reporter Dawn Kawamoto, who deconstructs the latest chess moves.
Editor's note: Updated on June 4, Wednesday, at 3:06 p.m. PDT with comments from Carl Icahn during an interview on CNBC.
Billionaire investor Carl Icahn, who is waging a proxy fight with Yahoo, sent a letter to Yahoo Chairman Roy Bostock on Wednesday. Here's his letter in its entirety:
Roy Bostock Chairman Yahoo! Inc. 701 First Avenue Sunnyvale, CA 94089
Dear Mr. Bostock:
I have long been cynical about the effectiveness of many of the boards and CEOs in this country and as a result the inability of our companies to compete. I have constantly complained … Read more
Updated at 8:09 p.m. PDT with more information on the proxy contest.
Yahoo announced Tuesday it will hold its annual shareholders meeting on August 1, setting the stage for a contentious proxy battle with billionaire shareholder Carl Icahn.
The shareholders meeting will be held at 10 a.m. PDT at The Fairmont hotel in San Jose, Calif.
Yahoo will be asking its shareholders to re-elect its current board of nine directors, while Icahn is challenging the board with his own slate of dissident directors.
Icahn, at the time he filed his preliminary proxy, said he felt the current … Read more
Updated: 5:15 p.m. PDT with annual meeting announcement.
Billionaire investor Carl Icahn plans to seek the ouster of Yahoo CEO Jerry Yang, should his dissident slate of directors gain control of Yahoo's board, according to a report in The Wall Street Journal.
Icahn previously has centered his comments on removing Yahoo's board of directors, of which Yang is one of nine members who are up for re-election to a one-year term, when the next annual shareholders meeting is held.
Yahoo announced later in the day that it planned to hold its annual shareholders meeting on August … Read more
Editor's note: This story was updated June 3, Tuesday, 2:41 p.m. PDT to include additional information and comments from an attorney representing investors in a shareholders' lawsuit against Yahoo.
Billionaire investor Carl Icahn's proxy fight could trigger Yahoo's controversial "change in control" severance package, should his dissident slate win a majority of the board seats up for re-election, attorneys say.
That could throw a potential hurdle in Icahn's efforts to get his slate elected, in essence by potentially punishing any investor who votes to remove Yahoo's current board. The severance plans, … Read more
The Federal Trade Commission has given its approval to Carl Icahn's efforts to accumulate Yahoo holdings, according to a Reuters report.
In addition to overseeing actual mergers and so forth, the agency also looks at large stock purchases, the news agency noted, saying the approval was listed in an agency report that comes out several times a week.
Of course, of all the people looking to acquire pieces of Yahoo, Icahn is the one least likely to encounter antitrust scrutiny. Google has raised concerns over a Microsoft purchase, while Microsoft has questioned whether Yahoo should be allowed to do … Read more
Billionaire investor Carl Icahn has been relatively quiet since unveiling his slate of dissident directors to run against Yahoo's current board nearly two weeks ago.
Is the agitator of corporate America and merger matchmaker beginning to believe Microsoft won't come back to the table with another bid for Yahoo? Should investors be concerned?
"If Icahn hasn't turned up the heat a few weeks before Yahoo holds its (annual shareholders) meeting, I think shareholders will begin to wonder what's going on," said Chris Young, director of mergers and acquisitions research for RiskMetrics Group, an influential … Read more
Microsoft Chief Executive Steve Ballmer made a few revealing comments Friday while speaking at a technology conference in Moscow.
The take-away from his speech, according to a Reuters report: Microsoft never viewed its proposed acquisition of Yahoo as strategic.
In other words, Redmond was prepared to pay tens of billions of dollars for a non-strategic acquisition? An acquisition that would, by far, be the largest in its history? Very interesting comments, indeed.
Here are Ballmer's exact words, per Reuters:
"Yahoo was never the strategy we were pursuing, it was a way to accelerate our online advertising business," … Read more
Update 9:40 p.m. PDT: This blog has been updated with background of Ed Kozel's other director seats.
The longtime director of Yahoo's board, Edward Kozel, has resigned, the company announced Thursday. Yahoo also said it will delay its annual shareholder meeting.
Yahoo said Kozel, who has been a company director since October 2000, is resigning for personal reasons. The company is reducing its board from 10 members to 9 as a result.
Updated 11 p.m., with details from Microsoft's Live Search site.
REDMOND, Wash.--Microsoft is looking to buy its way into search, and I'm not talking about Yahoo.
The software maker plans on Wednesday to launch a cash back program to those who buy things after using its search.
"We want to earn your loyalty and reward it with cashback savings for your everyday online shopping," Microsoft said. "We are 'The Search That Pays You Back!' " … Read more