Micosoft/Yahoo Update May 20, 2008
The deadline to nominate alternate directors for the Yahoo board has recently passed. Microsoft has not pursued the proxy fight path. Rather they are looking at a less aggressive option, to collaborate with Yahoo on internet advertising. However, uber capitalist Carl C. Icahn, has made it public that he will induce a proxy fight in an effort to revive the merger. Just after the news of the failed first attempt, Icahn bought approximately 50 million shares of Yahoo. Microsoft has yet to publicly comment if they will engage in talks with Yahoo if Mr. Icahn’s proxy fight is successful. Icahn nominated a full slate of impressive alternate directors by the May 15th deadline. They are as follows: Lucian A. Bebchuk, a law professor at Harvard; Frank J. Biondi Jr., a former chief executive of Viacom and Universal Studios; Mark Cuban, the owner of the Dallas Mavericks basketball team and a founder of Broadcast.com; Keith A. Meister, an executive at Icahn Enterprises; Brian S. Posner, the chief executive of the equity firm ClearBridge Advisors; and Robert K. Shaye, co-chairman and co-chief executive at New Line Cinema. Carl Icahn won’t let the idea of a Microsoft/Yahoo die in the near future. I will anxiously be awaiting news as it becomes available.
I definitely did not see a third party coming into play. I thought that Microsoft was going to do the proxy fight solo. Maybe Steven Ballmer is the puppeteer behind the scenes but the Carl Icahn twist had made this soap opera even more fantastic. I mentioned that I wanted to see a proxy fight, but this is much better than I could have expected. Hold on to your stocks ladies and gentlemen, it’s going to be a wild and crazy ride.
Personal Update
I will be working part time as an intern at Sideways Media, learning the ropes of web marketing for up and coming bands. My schedule is loaded to the max, but I wouldn’t have it any other way. Lastly, I’m planning on moving into an apartment other than my cousin’s soon. I will then officially be THAT friend that lives in California that you can visit.
