WSJ: Icahn to seek removal of Yahoo CEO Yang
Billionaire investor Carl Icahn would seek to remove Jerry Yang as CEO of Yahoo Inc if Icahn succeeded in a proxy battle against the company over its failure to reach a deal with Microsoft Corp, The Wall Street Journal reported on Tuesday.
Icahn has proposed an alternate slate of directors for Yahoo’s board, but has yet to directly target Yang over the breakdown in talks early this month for a $47.5 billion deal. “It’s no longer a mystery to me why Microsoft’s offer isn’t around,” the Journal quoted Icahn as saying. “How can Yahoo keep saying they’re willing to negotiate and sell the company on the one hand, while at the same time they’re completely sabotaging the process without telling anyone?” Icahn cited details from court documents related to a shareholder suit that were unsealed on Monday. The documents showed, how Yahoo had taken steps to rebuff a Microsoft takeover bid months before the software maker made its offer public on Feb. 1.
The shareholder lawsuit argued, that Yahoo had taken aggressive steps to block a deal, including the adoption of a costly plan to retain employees, leading up to a breakdown in negotiations. The Journal said Yahoo’s board was due to meet on Tuesday. Icahn and Yahoo officials were not immediately available. Yahoo shares were down 35 cents or 1.3% to $26.05 on the Nasdaq. (Reuters)
ADVERTISEMENT
Hungary Trade Surplus at EUR 308 mln in April
Parl't Approves Amendments to Legislation on Judiciary
Gloster Acquires P92 IT Solutions
Landmark Budapest Dept Store to Reopen After HUF 8 bln Renov...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
