Icahn: Still Waging Proxy Fight; Still Wants Microsoft Deal And Severance Plan Revoked
This story was written by Joseph Weisenthal.
The real news here may be that Carl Icahn hasn't given up yet on his uphill battle to install a slate of candidates on Yahoo's (NSDQ: YHOO) board. In the midst of all this Yahoo drama, Icahn has made a new proxy filing, offering a few more specifics on what his directors would do if he got elected. The first thing should come as no surprise: He wants to eliminate the controversial change-in-control severance plan. He's already spoken about it a bunch, calling it a doomsday machine, though no how's put in writing with the SEC. It's not clear how this is reconciled against Yahoo's claim that his mere election to the board would automatically trigger the plan.
Everything else is pretty standard, without much new to add. He wants to hire an experienced CEO to replace Yang (already known), he wants Yahoo to offer itself up to Microsoft (NSDQ: MSFT) in a friendly manner (known) and he wants to avoid any alternate deals that don't offer shareholders at least $33 per share (again, basically a reiteration).
By Joseph Weisenthal