Major investor to back Yahoo board

Large Yahoo investor Legg Mason will back Yahoo's board in a proxy fight with Carl Icahn.

Legg Mason, one of the largest holders of Yahoo stock, will back the company's recommendations for its board of directors instead of those offered by dissident investor Carl Icahn.

Legg Mason, an investment firm based in Baltimore, announced Friday it will back Yahoo's slate of candidates in a stockholders meeting Aug. 1. Legg Mason owns about 60.7 million shares, or about 4.4 percent, of Yahoo's stock.

Icahn, also a major investor, has been pushing Yahoo to accept offers from Microsoft to buy all or part of the company.

Legg Mason officials have met with Yahoo's current board and management several times, Bill Miller chairman and chief investment officer at Legg Mason said in a statement. "We believe the current board acted with care and diligence when evaluating Microsoft's offers," Miller added. "We believe the board is independent and focused on value creation for long-term shareholders."

In general, it's appropriate for large shareholders to seek representation on corporate boards, Miller said, and Icahn's board slate includes experienced businesspeople. Legg Mason would prefer if Icahn and Yahoo "reach a mutual agreement on the composition of the board and end this disruptive proxy contest," Miller said.

Microsoft has made multiple offers, and it's clear that it and Icahn believe the current Yahoo board won't negotiate with Microsoft, Miller continued. "While boards are there to protect shareholder interests, shareholders own the company," he said. "If Microsoft wants to acquire Yahoo, it can make the terms and conditions of its offer public. If Yahoo shareholders support it, I am confident the board of Yahoo will accept it."

On Thursday, Yahoo CEO Jerry Yang and Chairman Roy Bostock sent a letter to shareholders criticizing the efforts of Microsoft and Icahn.

"Your Board of Directors believes strongly that the Icahn-Microsoft agenda -- as presented to us jointly last week -- will destroy stockholder value at Yahoo!, serving only their very narrow special interests, clearly not your interests," the letter said.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Grant Gross

IDG News Service
Show Comments

Brand Post

Bitdefender 2019

Taking cybersecurity to the highest level and order now for a special discount on the world’s most awarded and trusted cybersecurity. Be aware without a care!

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?