More news out of Yahoo (YHOO). Yes, I agree - it is getting rather old. This one however, doesn’t involve the usual duo Yang-Icahn. It’s Boone Pickens this time.
Only a few days before the Yahoo Annual Shareholders’ Meeting Aug. 1, where the potential for fireworks has significantly diminished since a truce was declared between the company and Carl Icahn, billionaire investor T. Boone Pickens said Monday that he simply got tired of waiting for a deal and sold his entire holdings (10 million Yahoo shares) at a loss. This, after blasting Yahoo’s management for failing to reach an agreement to sell all or part of the Web portal to Microsoft Corp (MSFT),
“I think that Yahoo management was pathetic,” Pickens reportedly said during a SF Chronicle editorial board meeting he was addressing. He expressed a sense of annoyance and aggravation toward Yahoo’s management for its handling of the takeover negotiations.
Pickens jumped into the stock in May, after investor activist Carl Icahn announced that he would wage a proxy contest to pressure Yahoo’s board into accepting a deal with Microsoft. That apparently, didn’t happen.
As Yahoo heads toward its scheduled annual shareholder meeting for Friday, its second biggest investor also has plans on withdrawing its support for the Board. The move however, is only a symbolic gesture because of the already settled proxy contest with Icahn.
Gordon Crawford of Capital Research and Management who owns a 6.5% stake in Yahoo, is also said to be furious with how both CEO Jerry Yang and Chairman Roy Bostock have failed in their attempts to come to agreement with Microsoft.
Yahoo shares are currently trading at $20.10, after slipping below the $20 mark in early trading.