The Yahoo Plan B group, composed of 150 Yahoo stockholders with their 3.2 million Yahoo shares, are set to ask the current Yahoo leadership to accept a compromise board which will be composed of 5 current Yahoo Board members and four nominees from the Icahn slate.
Eric Jackson of the Ironfire Capital and also the leader of the Yahoo Plan B said:
“It’s become clear over the last two weeks that many shareholders are reluctant to support the entire list of Icahn nominees.”
Mr. Jackson would then call on Plan B members to re-elect five current Yahoo Board directors which includes Jerry Yang, Vyomesh Joshi, Robert Kotick, Maggie Wilderotter and Gary Wilson. While those nominated by Icahn would include, Adam Dell, Edward Meyer, John Chapple and Lucian Bebchuk.
As for his reasons for the said board line-up, Mr. Jackson said:
“We are confident this new hybrid Yahoo board can effectively conclude a deal with them (Microsoft).”
Of course with everything that Mr. Yang and the current board have gone through, such compromise would seem bleak at the moment. Yahoo has clearly stated what it wants to happen come August 1. And with the support from a large Yahoo investor, I don’t think Mr. Yang would give Mr. Jackson’s proposal a serious thought.