Pershing Square Capital Management is behind a push to replace five directors at Target.
Run by William Ackman, Pershing previously tried to seat three directors on the board, after losing more than half of its investment value in the discount retailer. Target’s board rebuffed Pershing’s effort, so Pershing is raising the stakes.
For more, click here.
When the initial results from Yahoo’s shareholder votes were released last Friday, much of the coverage was positive for CEO Jerry Yang and other board members… “Criticism Is Sparse” read one headline in The Wall Street Journal.
The article continued:
Shareholders overwhelmingly endorsed the board, with Yahoo Chairman Roy Bostock receiving a 79.5% favorable vote, up from […]
Capital Research Global Investors, which owns 7% of Yahoo, publicly questioned on Monday the validity of the announced results from Yahoo’s shareholder vote. And they were right to be skeptical.
Capital Reseach and the Capital World Investors control a combined 17% of Yahoo’s shares and recommended to its fund managers that they withhold votes for Yahoo CEO Jerry Yang.
However, […]
Shareholder activists have won the revolution… so says today’s The Wall Street Journal.
But let’s not all fly off to Sardinia for that Kozlowski-like party yet.
A superficial article on the front cover of Section C includes some statistics about more board seats won, more resolutions adopted, etc. But nowhere does the author stop to ask, “If, since 2006, 218 companies have […]
Our favorite barbarian Carl Icahn has published a letter today detailing his growing relationship with Microsoft’s Steve Ballmer.
Particularly troublesome for Yahoo, Icahn noted that “several of our conversations have lasted as long as an hour.”
The likelihood is low that Carl has been asking Steve about the Windows XP Service Pack 3 patch. It’s rather high that Carl and […]
InBev NV will file papers with the SEC today to set in motion a fight for control of Anheuser-Busch’s board.
For more from Reuters, click here.
Two of my favorite topics this spring… Carl Icahn and Yahoo. So who would have thunk this…
Reports today indicate that Carl Icahn is considering a proxy fight vs. Yahoo’s board. The deadline is Thursday (May 15) to nominate candidates — no problem for King Carl as he has a stable of ready and waiting executives […]
With both Microsoft and Blockbuster exhibiting extreme patience with their acquisitions attempts, it’s worth looking at the root cause.
Namely, it’s the lack of other possible buyers. The turmoil in credit markets has stripped much of the power away from private equity firms, who have dominated the M&A landscape for much the last three years.
Meanwhile, lean-pocketed strategic […]
This week saw both Microsoft and Blockbuster stand firm on their acquisition bids for Yahoo and Circuit City, respectively.
Despite Yahoo’s strong quarterly results, Microsoft maintained its current bid, even hinting that it may drop its bid entirely. Great negotiating tactic, if you can get the target to believe it.
Microsoft’s Steve Ballmer is pretending to be […]
As expected, Yahoo announced strong results on yesterday’s conference call (see Reuters) and laid out a detailed strategic plan for future growth (see NY Times).
Honestly, it sounded as if the strategic plan presented was simply another in the long line of Yahoo’s grand plans that sound great but fail in the end to deliver. In fact, […]
