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Yahoo is facing a struggle for control as the billionaire veteran investor Carl Icahn announced that at the shareholder meeting on July 3rd, he will file a slate of alternate directors to replace the present board. The company hence now faces a proxy war for fight for control of Yahoo by Icahn who has a history of closing controversial corporate deals.
Shortly after Microsoft walked away from talks to acquire Yahoo, Mr. Icahn went on to purchase 50 million shares in the net portal. Latest reports reveal that Mr. Icahn has lined up at least twelve potential candidates. A leading international newspaper reports, that Mr. Icahn has been approached by several Yahoo shareholders, who were unhappy with the failure of the Microsoft deal. It is not only the veteran investor who is involved in the proxy war. Another disgruntled investor, Eric Jackson is launching his own grassroots ‘vote no’ campaign urging shareholders to oust all ten directors in the crucial July 3rd meeting.
