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Not all of the institutional money involved in the Yahoo! (YHOO) rejection of Microsoft’s (MSFT) bid are happy to sit on the sidelines. Several may launch a campaign to push out the current board at the portal. It could become a good, old-fashioned proxy fight.
According to Reuters, "Ironfire Capital, is talking to other firms about running a director slate, according to Eric Jackson, who heads the firm." The idea is to accumulate a 5% interest in Yahoo! and then put up board candidates who favor a Microsoft bid.
Good luck. Even with all of its money, Microsoft wouldn’t go forward with a proxy war. The cost would eat up most if not all of the potential profits of the transaction.
Douglas A. McIntyre
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