Blockbuster shareholder Carl Icahn has indicated that he will provide any financing required for Blockbuster to purchase electronics retailer Circuit City.
And Circuit City dissident shareholder Steve Wattles, who is currently waging a proxy fight vs. Circuit City’s management, has told Reuters that any bid above $6/share (representing a 54%+ premium) “looks attractive”.
Meanwhile, Blockbuster’s shares are down 16% in […]
The New York Times is reporting that Microsoft is in talks with News Corp. for a possible business combination with the MySpace business unit.
Yes, Microsoft wants to acquire everyone.
It’s a great maneuver to eliminate a possible white knight for Yahoo, increasing the chances of a Microsoft-Yahoo deal. And if consummated, the News Corp. deal would give Microsoft […]
On Monday, just one day before Morgan Stanley’s annual shareholder meeting, The Wall Street Journal printed a revealing article titled “Boards Give Up Taming Act“.
The article details how boards are less reluctant to fight dissident shareholders, often inviting these shareholders onto the board at an increasing rate.
The key insight offered is that the dissident shareholders have been promoting more […]
Almost lost in yesterday’s major media coverage of Motorola and Yahoo announcements was Morgan Stanley’s shareholder meeting today, where a campaign had been mounted by a union pension advisor, CtW Investment Group.
CNBC is reporting this morning that both the Vote No campaign and the Say on Pay campaign have failed. With 85% of the shareholder […]
In a quick response to Microsoft’s weekend letter, Yahoo responded loudly today with a letter criticizing Microsoft’s acquisition offer (valued today at roughly $29/share).
What does this rejection mean? It means that Yahoo CEO Jerry Yang, co-signee of the letter, was NOT busy today negotiating a $36/share deal with News Corp. It means that Yang was NOT […]
One less proxy fight will be decided by shareholders in the 2008 proxy season.
Reuters is reporting that Motorola and legendary corporate raider Carl Icahn have reached an agreement to give two board seats to Icahn’s nominees.
Keith Meister, Icahn’s investment director, will be seated immediately on Motorola’s board, while investment banker William Hambrecht will be officially supported by Motorola in the upcoming shareholder […]
In a well-publicized letter to Yahoo’s board this weekend, Microsoft announced that it will continue its path toward a hostile proxy fight if Yahoo’s board continues its path in forestalling negotiations.
Sounds like Yahoo’s board has been too busy negotiating with suitors other than Microsoft.
The Wall Street Journal reports that talks between Yahoo and Time Warner “have heated up recently.” […]
Wattles Capital Management is getting some free p.r. today, having sent a letter to Circuity City’s board and then disseminating the letter via PRNewswire (to read the letter, click here).
No real news to report here, as Wattles merely reiterates its boilerplate position. Note to shareholders: if Wattles leads Circuit City with the same weak effort that Wattles is putting […]
The Wall Street Journal reports that Microsoft is unlikely to raise its offer for Yahoo, causing Yahoo shares to slump in market trading today.
Proxy fight fans must differentiate between “news reporting news” and “news being used for negotiations”. The WSJ article reads a lot like the latter.
If Yahoo is refusing to budge on their position […]
For those who might not read techie blogs, our friends at TechCrunch are predicting a $34/share deal for Yahoo.
In an excellent piece, TC claims that Microsoft and Yahoo are being quiet only publicly, having been in clandestine talks for some time.
