Icahn Cans Yahoo
Carl Icahn is slowly cutting his ties with Yahoo. The billionaire investor, who once held some 75 million shares in the Internet pioneer, has whittled that stake down to about 12 million shares as of Feb. 12, according to a new filing with the Securities and Exchange Commission.
An interesting divestiture considering Icahn’s history with the company, which includes the proxy contest he mounted in 2008 to oust Yahoo’s board of directors after it rejected Microsoft’s $47.5 billion acquisition offer. With Yahoo’s (YHOO) stock trading at around $15–a far cry from the $33 a share it was valued at around the time of the Microsoft (MSFT) offer–and the company continuing to lose search market share, there’s little left to hold Icahn’s interest.