Third Point Backs Icahn’s Yahoo Slate

May 20 2008 | 2:29pm ET

Another hedge fund has thrown its weight behind Carl Icahn’s effort to force Yahoo! Inc. to sell itself to Microsoft.

New York activist shop Third Point has accumulated 5 million Yahoo shares and is backing the billionaire investor’s bid to replace the Sunnyvale, Calif.-based Internet company’s board, Reuters reports. Icahn and his supporters argue that a tie-up with Microsoft is in the best interest of shareholders, and are annoyed that the companies had broken off talks. The two sides said Sunday that they have recommenced negotiations.

Third Point joins fellow New York hedge fund Paulson & Co. in backing Icahn’s bid. Icahn owns a 4.3% stake in Yahoo, Paulson 3.6% and Third Point about 0.36%, though Daniel Loeb’s firm reportedly may double its stake.

Icahn has nominated candidates to fill all 10 of Yahoo’s board seats. The company holds its annual meeting on July 3.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of