Articles Yahoo anounces settlement with Carl IcahnYAHOO ANOUNCES SETTLEMENT WITH CARL ICAHN
Yahoo who is a leading global Internet company announced that it has reached an agreement with Carl Icahn to settle their pending proxy contest related to the Company's 2008 annual meeting of stockholders. Under the terms of the settlement agreement, eight members of Yahoo's current Board of Directors will stand for re-election at the 2008 annual meeting.
In view of the settlement agreement with Mr. Icahn, and the termination of the proxy contest, Robert Kotick who is one of the board members has decided not to stand for re-election to the Board at the 2008 annual meeting & following 2008 annual meeting Yahoo board will be expanded to 11 members. Carl Icahn will be appointed to the Board. As part of the settlement agreement, Mr. Icahn, who owns an aggregate of 68,786,320 shares, or 4.98% of Yahoo common stock, has agreed to withdraw his nominees for consideration at the annual meeting and to vote his Yahoo shares in support of the Board's nominees.
Yahoo chairman told that they are gratified to have reached this agreement, which serves the best interests of all Yahoo Stockholders. And they look forward to work productively with Carl and the new members of the Board in continuing to improve the Company's performance and enhancing stockholder value. Co-founder and Chief Executive Officer Jerry Yang told that agreement will not only allow Yahoo to put the distraction of the proxy contest behind us, it will also allow the Company to continue pursuing its strategy of being the starting point for Internet users and a must buy for advertiser.
Icahn is very pleased that this settlement will allow him to work in partnership with Yahoo's Board and management team to help the Company achieve its full potential. He believes that this is a good outcome and he’ll have a strong working relationship going forward. He is also happy that the board has agreed in the settlement agreement that any meaningful transaction, including the strategy in dealing with that transaction, will be fully discussed with the entire board before any final decision is made. On the whole both the parties are ready for this agreement & yahoo being a world-class company with an extremely bright future, and collaborating together, I believe, the Company achieves its ambitious goals.
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