Secure in knowing that he will get minority seats on Yahoo’s board, Carl Icahn has decided to skip tomorrow’s shareholder meeting. He doesn’t want to cause a “media event,” he says. (Because he’s so shy, you know).
Seriously, it’s probably a good idea for him not to show up. On his blog he explains his reasons, and his thinking on why he settled for a compromise deal with Yahoo instead of going ahead with a full proxy battle:
Realizing I could not gain control, I saw no point in spending the final two weeks in a debilitating fight, where little would be accomplished except to build animosity between both camps and the end result would be no better than the compromise that was reached. In fact, in winning a minority position on a board by a fight to the end, you always have to be concerned that you may be “boxed” out by the majority that remains on the board. Committees can be formed that you are excluded from and you are given information only on a need to know basis. An important part of my compromise with Yahoo is that the board in the settlement agreement has agreed “that any meaningful transaction, including the strategy in dealing with that transaction, will be fully discussed with the entire board before any final decision is made.” Additionally, if any committee is formed to negotiate a meaningful transaction, Carl Icahn will be a member of that committee.
In other words, it might become a media and shareholder circus tomorrow. But don’t look for anything “meaningful” to happen until afterwards, when the new board is in place.
So he’s building his board, and waiting to attack. I don’t see why this is news. I didn’t expect him to make a deal the second he got his boad seats. Wait a couple weeks, He’ll make his attack soon.
He is probably planing out the moves he will make.
http://blabtech.blogspot.com
That’s what I thought also, create another controversy at another place.
Still, not showing up AT ALL is pretty amazing. I could have understood ‘Fashionable late’ but a ‘noshow’? Just, Wow…
Icahn is obviously interested in making Yahoo the best company it can be. If he thinks Yahoo does best without him there, then what’s been going on the last few months? Bad faith? Wily Icahn strategery?
Sounds like survivor. Are those types of “rules” often a part of board settlement agreements like this? Or, is this something that only someone like Carl can pull off?
BTW, Anyone care about XO, another VOIP company that Carls the Chairman of? Even Ribbit uses XO as a provider….
this guy is brilliant. never underestimate the underdog.
Was this story seeded? All the blogs put it up within 5 mins….ugh.
The thing is being webcast so he can watch. He isn’t a director yet so he really has no obligation to be there IMO (my counter spin).
http://yhoo.cli...fm?CalendarID=4
Net-Net, management should have jumped at $31.
No amount of spin will make shareholders forget.
That’s because his obligation is to Microsoft.
Carl Ichan: Hero or Jerk? [VOTE] http://snurl.com/38gpm [www_thriveorfail_com]
You got it wrong Eric I have it on good authority that the real reason he’s skipping it is because the shareholder meeting just happens to coincide with a Monster Truck show. He’s a big fan of Grave Digger.
I think this was a smart move. He obviously knows what his end game needs to be and in the short term positioning himself as a reasonable and constructive future-participant on Yahoo!s board certainly can’t hurt him. If he’s always viewed in the public eye as a Yahoo! management adversary, his future opinions on change will hold less weight among shareholders.
I think it was a smart move. I would never miss a tee time at Pebble Beach either.
thanks….
http://www.beymod.com.tr