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August 4, 2008
'Twas the Monday After the Yahoo Shareholder Meeting
The Yahoo shareholder meeting has come and gone without much fanfare, thanks to the settlement between the Yahoo board and Carl Icahn to keep the current board but expand it by 3 seats post-meeting. But there are a few interesting tidbits you'll want to know.
Firstly, TimeWarner has stepped in to prevent Jonathan Miller from joining the expanded Yahoo board. Yahoo had requested that Miller be placed on a list created by Carl Icahn for 2 of the expanded seats, the other one taken by Icahn of course. TimeWarner says Miller is under a no-compete contract with AOL.
And even though the current board was re-elected, that doesn't mean shareholders have been appeased. Many are still furious with Yang and the gang for turning down Microsoft's sweet $33 per share deal. The stock, once up in the high 20's has gone back down to the $19-20 level, where it was when Microsoft initially made its offer.
At least one shareholder, the outspoken Eric Jackson, is holding out hope for an eventual Microsoft buyout. He believes the software giant will come back for another grab in 2009.
But will the offer be as sweet? Tell us your predictions for the Microsoft-Yahoo saga in the comments.
Posted by Nathania Johnson at August 4, 2008 11:30 AM
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Comments
Yang, you're an idiot!!!! Go play CEO with some start up, you've obvioulsy outgrown your competency (usefulness) at Yahoo! The Peter Principal in action!
Posted by: Craig at August 4, 2008 12:50 PM
This is the second time I have to say something small to some but it is really big to me. My 700 shares is so small to alot of you big million shares holders but I have spinal cord damage and I can not work Im 58 years old and I get only 1.200.00 dollars a month to live on .I had enough saved from my parents and I trusted all of the Yahoo so called great board members who happens to cry about 30 hours of meetings which I say to you I would trade you places any day and since you got so money hungry to get more out of the big deal it cost me my last hope of being able to go places I have never been. I feel that all of you board members should pay me for what I have lost not alot to you but it was everything to me. Now sleep on that if you can
Posted by: curlu at August 4, 2008 1:03 PM
Carl Icahn has come across has even more impotent than Jerry Yang. Icahn built up shareholder expectations that if he was voted in then a MSFT deal would happen. Then...he pulls the plug and throws in the towel.
MSFT now has YHOO by the shorthairs. Why pay $33/share when 29 might do the trick?
YHOO is screwed and so are we.
Thanks Jerry. Thanks Carl.
Posted by: TomP at August 4, 2008 1:54 PM
