Activists May Raise Proxy Fight Against Yahoo! (YHOO)
May 5, 2008 by Douglas A. McIntyreNot 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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