So far, things aren't going exactly as planned in Carl Icahn's attempt to bring Microsoft and Yahoo (NSDQ: YHOO) together, nonetheless, the battle continues. In a just-filed preliminary proxy, Icahn introduces his proposed board nominees, urges shareholders to reject the Yahoo slate, and lays out the timeline of his Yahoo share purchases.
It's this last part that's immediately most striking: Icahn's purchases started Monday, May 5, the first trading day after Microsoft pulled its bid. Remember that on the day after Microsoft pulled its bid, Yahoo shares fell hard initially but rallied off of their laws. Obviously, there was very little time between Microsoft's withdrawal and Icahn's decision to go in for a move. The share purchases continued until May 14, which was the day after it was first reported that he was itnerested.
-- Director pay: Fairly nominal: "In addition, upon our filing of a preliminary proxy statement with the Securities and Exchange Commission (the "SEC"), which indicates that the Icahn
Entities intend to nominate you for election at the Annual Meeting, you will be paid $25,000 by the Icahn Entities."
-- No argument: Other than a generic plea to shareholders, the filing really doesn't present much of an argument. There's no lashing out at the board, not even for its rejection of Microsoft (NSDQ: MSFT). Perhaps this will come with a later filing.
By Joseph Weisenthal