Adding to the list of Yahoo shareholders who are “furious” about the failed Microsoft-Yahoo deal is billionaire investor T. Boone Pickens who has to sell his Yahoo shares at a loss because he was tired of waiting for the deal to materialize.
Interestingly, Mr. Pickens bought his share last May with the hopes that he would gain from the stock purchase once Microsoft acquires Yahoo at the original price of as much as $41. His disappointment towards the Yahoo management grew even stronger with the falling prices of Yahoo share which currently stood at a low $20.12. Microsoft’s final offer was at $33. Hence, we couldn’t blame Mr. Pickens for calling the Yahoo management pathetic if we have to imagine how much he must have lost.Another interesting thing to note is the fact that Mr. Pickens bought the Yahoo share after Mr. Icahn started a campaign to replace the Yahoo Board. Unfortunately, Mr. Pickens along with other shareholders who pledge to support Mr. Icahn’s slate are now left in limbo as Mr. Icahn has already ready reached a settlement deal with the Yahoo management.
And a final interesting thing to note, Mr. Pickens admitted that he was threading on unfamiliar territory when he purchased the Yahoo shares and that he was just following on the lead of Mr. Icahn.
Now, that’s something to be really furious about.