As early as now, the Yahoo Board lead by Roy Bostock and Jerry Yang want to make sure that the current Yahoo Board would be re-elected in the coming Yahoo! Annual Meeting happening on August 1. Together with the filing of its definitive proxy statement against Carl Icahn’s nominated board slated, the Yahoo Board wrote a letter to its sharehold urging them to uphold the interest of Yahoo by re-electing its current board.
The letter claimed that Icahn has only one plan for its takeover of Yahoo and that is to sell the company to Microsoft. This according to the letter will just erode Yahoo’s stockholder value since Microsoft has already withdrawn its bid.
“We Urge You to Act Now To Protect Your Investment By Rejecting Mr. Icahn’s Slate. And By Voting For Our Board Today, By Telephone, Internet, Or By Signing, Dating and Returning White Proxy Card.”
Attacking further Mr. Icahn’s objective, the letter said that he has no plans of creating Yahoo’s shareholder value, reiterating again that if Icahn succeed in overthrowing the current board, is just hoping that Microsoft will expressed interest to bid on acquiring Yahoo again.
In our opinion, Mr. Icahn and his slate are not the right individuals to guide Yahoo! as a standalone company.
Our current board has the independence, the experience, the knowledge, and the commitment to navigate the company through the rapidly-changing Internet environment, execute on our initiatives to capitalize on the fast-growing online advertising market and to deliver value for Yahoo! and its stockholders.
Will Yahoo’s stockholders uphold the interest of the current Board or will it finally give in to Icahn’s moves? While we await the outcome of this new chapter in Yahoo’s saga, let’s all for the meantime sulk into the hype that the other tech giant has just brought upon the whole of the web populace this morning- a simple device which turned the whole tech blog population tuned in to one powerful man’s unveiling of his latest toy. Don’t we just love technology and the internet?