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Carl Icahn’s proxy fight for Yahoo board seats - a move designed to pressure the company to re-enter talks with Microsoft after having turned down Microsoft’s increased offer of $33 a share - seems to have been at least partially successful.
The two companies are in discussions about a new proposal from Microsoft, one which calls for a transaction with Yahoo but which would not involve the acquisition of all of Yahoo’s assets, according to CNet. “Microsoft is not proposing to make a new bid to acquire all of Yahoo at this time, but reserves the right to reconsider that alternative,” depending on future developments and discussions with Yahoo or Yahoo shareholders, Microsoft said in a statement.
While Microsoft didn’t share details on the new proposal, reports in The New York Times and the Wall Street Journal said that Microsoft is proposing an arrangement in which Microsoft would sell ads to be displayed next to Yahoo search results, to fight competition from Google.
But whether a scaled-down deal with Microsoft would be enough to appease Icahn remains to be seen. A person familiar with the situation says that, rather than making Icahn back off, such a deal is likely to prompt the billionaire financier to pursue an alliance with Google, writes Reuters. “The best thing for Yahoo shareholders is for Microsoft to buy Yahoo,” the person is quoted as saying. “If not, Icahn would ally with Yahoo in doing a deal with Google over Microsoft.”Icahn has a stake of 9 million shares and options on another 49 million shares. Yahoo investors are concerned that Icahn’s agitations may lead to Microsoft eventually being able to snap up Yahoo on the cheap, according to another Reuters article.
Icahn, who has the backing of some key Yahoo investors but does not have universal support, wants Yahoo and Microsoft to merge so they can tackle Google more effectively.
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