Icahn Receives Support On Yahoo! Proxy Battle
Not that he needed the help but…
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?
Tags: Microsoft, Microsoft Yahoo!, Microsoft Yahoo! Merger, Yahoo!Related Stories
POSTED IN: Web Happenings
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