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Yahoo Averts Proxy Fight, But Standalone Outlook Still Bleak

Discussion in 'News' started by Echo419, July 22, 2008.

  1. Echo419

    Echo419 FS Owner

    Yahoo Inc. on Monday averted an ugly proxy battle and improved its bargaining position with on-again, off-again suitor Microsoft Corp. (MSFT), but the struggling Internet giant still faces daunting challenges as it tries to remain an independent company.

    The Sunnyvale, Calif., company reached an agreement to appoint activist shareholder Carl Icahn and two of his allies to its board, averting the prospect of a proxy fight and blurring prospects for a deal with Microsoft.

    But while Yahoo's brain trust can breathe a sigh of relief ahead of what was expected to be an extremely contentious shareholders meeting on Aug. 1, Icahn is in a position to ratchet up pressure on a company seen as reluctant to consider big strategic changes even as it continues to underperform Wall Street expectations.

    [​IMG] View Full Article: CNN Money

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