From Silicon Alley Insider: Yahoo’s stock (YHOO) abruptly reversed its long, slow slide to $20 on news that Carl Icahn may launch a proxy fight for the company.
According to CNBC, Icahn has begun accumulating a position of as many as 50 million shares (about 3.5% of the company’s stock).
If the goal is to get Yahoo’s board fired at the July shareholder meeting, there are only two days left before the Thursday deadline by which Icahn (or anyone else) must file a hostile slate of directors. Given this, unless Icahn has been secretly assembling a slate for the past 10 days (possible), it seems more likely that his plan is to pressure Jerry to sell the company to Microsoft (MSFT) in a friendly deal.
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