By now, of course, it’s not exactly news that billionaire investor Carl Icahn wants to oust the Yahoo board at the general meeting next month. Since making his pronouncement, Icahn has also reportedly joined with Microsoft in a bid for Yahoo, which the company rejected out of hand.
However, the Yahoo board has received some good news. Capital management company Legg Mason, which owns over 60 million shares of Yahoo stock – equivalent to 4.4% of the company, has come out in favour of the current board.
Legg Mason chairman and chief investment officer Bill Miller said:
"We have met with representatives of the current Board and management, including founder Jerry Yang, several times. We believe the current Board acted with care and diligence when evaluating Microsoft’s offers."
At the same time, Miller expressed the hope that the opposing factions could reach a compromise. Nor did he rule out the possibility of a sale to Microsoft, although Microsoft has stated it cannot negotiate with the current board.
"If Microsoft wants to acquire Yahoo, it can make the terms and conditions of its offer public,’ said Miller."If Yahoo shareholders support it, I am confident the Board of Yahoo! will accept it."
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