Carl Icahn would have more support in his proxy battle against Yahoo Inc if he pledged not to sell the company for less than $33 a share, Legg Mason portfolio manager Bill Miller said on Tuesday. Miller's Legg Mason Capital Management is the third-largest institutional shareholder of Yahoo, with a 5.23 percent stake as of Mar. 31, according to a regulatory filing.
While billionaire investor Icahn was not expected to attend the Allen & Co media and technology conference in Sun Valley, Idaho, he and his target Yahoo were the center of attention.
Icahn, who owns more than 4 percent of Yahoo, is seeking to replace the Web company's board and Chief Executive Jerry Yang at an August 1 shareholders meeting. His bid got a major boost on Monday, when Microsoft Corp said it was willing to immediately resume deal talks with Yahoo if it elected a new board.
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