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Yahoo Spins as Icahn Vows To Take Over

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Jun 4, 2008 

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Kathleen  |

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Yahoo Spins as Icahn Vows To Take Over

ADOTAS – Get ready to ruuuumble August 1. That’s when the Yahoo slapfest is set to take place, with Jerry Yang in one corner and Carl Icahn in the other.

The annual meeting will commence at 10 a.m. in the Fairmont Hotel in San Jose, Yahoo said in proxy materials filed with the Securities and Exchange Commission. At the meeting, investors may vote out the current board and replace it with Icahn’s proposed slate.

In the wake of recently unsealed court documents that Icahn say show how Yahoo strategically undermined partnerships and takeover deals with Microsoft (and a search deal with Google), he has stepped up pressure on Yahoo, saying he’ll oust Yang if his board takeover is successful.

“I don’t think anybody ever understood the magnitude of what Yahoo did to do avoid making a deal,” Icahn told The New York Times.

Yahoo released a statement disputing Icahn’s take on the matter. “Yahoo’s board of directors including Jerry Yang has been crystal clear that it would consider any proposal by Microsoft that was in the best interests of its shareholders,” Yahoo said. “To that end, Yahoo has engaged in extensive discussions with Microsoft over the last several months, culminating in Microsoft’s decision not to pursue an acquisition of Yahoo. Mr. Icahn’s assertions ignore this clear factual record.”

Yesterday, members of Yahoo’s current board reportedly met to discuss last-minute deals with Microsoft and Google in a bid to save their hides.

Yahoo’s president, Sue Decker, went on a spinning blitz today at the 2008 Advertising 2.0 New York conference. In a scheduled talk, Decker focused on the transformation taking place within the interactive advertising industry, as well as opportunities going forward. She also outlined several partnerships Yahoo announced today, including:

• Yahoo’s multi-year deal for online display and video advertising with Walmart.com.
• The company’s global partnership with Havas Digital. Havas will work with Yahoo’s Right Media Exchange to develop a proprietary media trading platform based on Yahoo’s technology.

Tags: Acquisition, finance, Google, interactive-advertising, Merger, microsoft, online-advertising-networks, revenue, stock and Yahoo

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