Maverick investor Carl Icahn and Microsoft's former untamed shrew it tried to wed, i.e. Yahoo, have banged their heads together, found common sense and have resolved their dysfunctional relationship. The two sweethearts have decided it would be a jolly good idea to restructure the board after the annual meeting, instead of making a scene during it. Eight of the nine current members of the board will stand for re-election at the meeting. Robert Kotick has decided he has had enough.
The board will be expanded to seat 11 members on luxurious ostrich-leather comfy chairs. Carl Icahn will sit down on one of them and two more of his brethren shall be elected and follow his footsteps into the holy halls of Yahoodlumism. The brethren up for election will be plucked from a list which include the list of nominees Icahn originally wanted to see elected during the annual shareholder meeting and some person called Jonathan Miller, who once was chairman and CEO of AOL.
Carl Icahn owns 4.98% of Yahoos common stock, which he bought cheaply after the share price was smothered by Yahoo spurning Microsoft's offer of matrimoney.
“We are gratified to have reached this agreement, which serves the best interests of all Yahoo stockholders,” said Yahoo Chairman Roy Bostock whilst wiping tears from his eyes.
“No other company in the Internet space has our unique combination of global brand, talented employees, innovative technologies and exceptional assets, attributes that will help us take advantage of the large and growing opportunity ahead of us,' said Yahoo's dad Jerry Yang, entirely forgetting about Google.
Carl Icahn said 'I believe this is a good outcome and that we will have a strong working relationship going forward' and a few other things.
We are all very happy the parties have managed to agree on something, as it means we won't have to scroll through and read boring and lengthy open letters and press releases anymore and discuss if they're really worth writing about, or if we should ignore the kids chucking their toys at each other. X |