Another Hedge Fund Backing Icahn on Yahoo

“Third Point LLC, a $5.7 billion hedge fund headed by activist Dan Loeb, has recently accumulated a stake of over 5 million shares in Yahoo Inc and is supporting investor Carl Icahn’s proxy battle, a source familiar with the matter said on Tuesday.”

The article also mentioned that Third Point will probably be looking to increase their share stake to 10 million.

That’s not all;

Another investor said he was backing Icahn. Oil investor T. Boone Pickens told broadcaster CNBC he has acquired 10 million shares in Yahoo, saying: “(Icahn) jumps in first, I jump in behind him.”

The current status?

“All totaled, Icahn backers have acquired or plan to accumulate about 80 million Yahoo shares, or more than 5 percent of Yahoo’s nearly 1.4 billion shares outstanding, as of March 31. That does not include Icahn’s options to buy an additional 49 million Yahoo shares.”

So the potential is there for Icahn and his supporters to control almost 130 million shares or a bit under 10%. That’s a pretty big number and I’m sure far surpasses the requirements with which to challenge the existing board.

Do you think Icahn can pull this deal off?

Post from: EveryJoe

Icahn Receives Support On Yahoo! Proxy Battle

“Intimidating, relentless and rich. That, in a nutshell, is Carl Icahn. His investment strategy is simple: find a company he thinks is poorly run and then start buying up shares of its stock. Then, start agitating until changes are made. Along the way, the companies he chooses generally start improving, improving his bottom line over and over.”

It’s being passed around that Icahn is about to launch a shareholder revolt to force Yahoo’s board of directors out of the company to replace them with others who would favor the takeover by Microsoft. I guess when you buy 50 million shares in a company (worth $1 Billion) at exactly the right time your reputation precedes you…

If it is true, then I guess Icahn perceived Yahoo! as being poorly run eh?

Post from: EveryJoe

You Can Fool Some Of The People – But Not This Guy

Another Potential Deal For Yahoo!s Chairman

No, not the obvious – how many items are on Roy Bostock’s plate, this -

“It’s also worth mentioning that Mr. Bostock’s other board appointment may provide some deal-making guidance to Yahoo and Northwest as well. He also serves as a director at Morgan Stanley, a position he obtained in part through his friend, fellow Duke University alumnus and golfing buddy, John J. Mack.

And to bring things coming full circle, Morgan Stanley is advising Microsoft in its Yahoo bid.”

Say… what??? He’s on the board of the outfit that initiates a takeover bid and he’s on the board of the company being asked to be taken over?

Is that a bit hinky to anyone?

Post from: EveryJoe

Whoa! Hey – How Does This Work?

I like the idea of the combination of teams of hard-working, extremely intelligent people. I like the idea of instantly conjuring up major competition to Google. Not that I dislike Google… I believe that competition drives people into new and far better innovations.

Mergers like this ought to make dreams of a new century of technology truly come true!

I consider that Google is already competition for the likes of AT&T, Verizon, Comcast, to name a few. Competition for the “bad guys!” Google has major plans for the future for the benefit of its users (consumers like us, you and I). Merge Microsoft and Yahoo!, push Google a little more, get involved in the “chase” with Google, and we’ll see things we’ve only dreamed of. Bill Gates, from what I’ve seen, is a humanitarian. Sergey and Larry, from what I’ve seen, have legitimate concerns for the welfare of human beings. Imagine the power of these two major players telling the administration “No, we won’t give you that information for your illegal spying.” Imagine the power of these two providing inexpensive mobile communications equipment with open access!

What could hold this back? Well, for one, an Ed Whitacre-like attitude, which I see Terry Semel exhibit. [Hat tip to Danny Sullivan]. But Terry no longer ought to have a say in this, right? Plus, the new chairman, Roy Bostock, sounds perfect – “Roy is an outstanding executive who has decades of experience in the advertising industry – an area that is more important than ever to Yahoo’s business and our long-term success” according to Jerry Yang.

And if this new conglomerate can bring a level of consideration of its people approaching that of Google, this ought to make perfect sense and move forward for the benefit of everyone!

Post from: EveryJoe

Microsoft Yahoo! Makes Perfect Sense