Roger Ehrenberg’s post at Seeking Alpha provides an excellent read on Yahoo’s strategic choice to decline Microsoft’s offer, claiming that Yahoo’s strategy will backfire.
An excerpt:
“Once you tell a supremely-funded, laser-focused acquiror to take a hike, you have put yourself in a world of fiduciary and PR hurt. Microsoft will wage a proxy fight and will win, […]
Today’s New York Post reports that Microsoft has hired proxy solicitation firm Innisfree after Yahoo spurned its $31/share offer. Microsoft’s move continues to set the stage for a budding proxy fight.
The Post also reports that fund giant T. Rowe Price, proud owner of 18 million Yahoo shares, would be ”very vocal” if Yahoo rejected a raised offer from Microsoft (translation: proxy […]
Jeff Nash over at Financial Weekly has a great feature today on renown shareholder activist Bob Monks.
Monks, 74, has recently come out with a new book, Corpocracy, targeting executive compensation practices at public companies.
Nash’s feature takes a shot at the Business Roundtable, plugs for Barack Obama, and playfully digs at Monks for his ties to Tyco ex-CEO Dennis […]
Hold your horses…
Carl Icahn is ready to blog.
The old-fashioned barbarian will be typing out his thoughts on unperforming companies, excessive pay, and everything else that disgruntles him in a soon-to-be ready blog on his Icahn Report website.
Jeffrey N. Gordon has released a draft of his forthcoming paper titled Proxy Access in an Era of Increasing Shareholder Power: Forget Issuer Proxy Access and Focus on E-Proxy.
A bit dry reading for one sitting, but his abstract, as published at The Harvard Law School Corporate Governance Blog, provides salient points:
The current debate over shareholder […]
“There will be blood,” begins The Wall Street Journal piece this morning, defining the landscape for the Microsoft - Yahoo struggle.
It is also one of the first articles to highlight Yahoo’s poison pill, and makes artful references to the H-P / Compaq proxy war.
What must Yahoo’s Jerry Yang be thinking today?
Microsoft’s unsolicited $44.6 billion bid for Yahoo has the potential to turn into a major proxy fight, the likes of which we have never seen. All the ingredients are present: two cash rich players, highly visible management teams, extreme pride on both sides, and a whopping 62% offer premium.
Two great posts were written yesterday and today by management guru Jim Stroup.
Yesterday, Jim wrote about the conflicts inherent with having a board comprised mostly of CEOs, and why a much better system would evolve out of developing “professional directors”. This new breed of directors would not be trained to be CEOs, but rather trained […]
