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June 4, 2008

Icahn is Miffed at Yahoo!

Carl Icahn is angry at Yahoo! and Jerry Yang in particular.  He says that the employee escape plan implemented by the Yahoo! board without telling the shareholders is what really scuttled the proposed merger with Microsoft.  The plan essentially gives employees the right to leave with generous severance if the company experiences a change in control.  Icahn has proposed an alternative slate of directors and opinion is that if they unseat the current board it could trigger the plan.  Mr. Yang, tear down this poison pill, or something like that.  Icahn also doesn't like the idea of selling the search business without the rest of the company.  After all, Microsoft won't necessarily have incentive to buy the whole company if they get the parts they originally wanted.  Microsoft, however, could be biding its time, poison pill or no.  We'll have to see. 

CNET has good coverage of the struggle to destroy sell Yahoo! here.  The relevant documents in the shareholder suit filed against Yahoo! management are here.  Somewhere, Google management is moving forward with their operation, expanding its headquarters by about 42 acres in NASA's Ames Research Center.  The Google tentacles grow bigger.

June 4, 2008 | Permalink


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