T. Boone Pickens Dumps His Yahoo Shares

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.

Comments

[Jack K]

I know very little about the inside of the company Yahoo. But when a billionaire jumps in to make a small fortune and then doesn't get it, and cries "pathetic", I don't think too many people will feel bad for him.

[Gave up the fight]

Where were they when Icahn was pushing to oust the current board of directors at Yahoo?
Since it didn't look as if Icahn would prevail in his fight (e.g. getting enough votes to change the board), he had to backdown and "give in" to the yahoo board.
Now these two "wise investors" are saying they are disappointed and sold their shares.
If they had backed Icahn, and Ichan plan had succeeded, there may have been a rebound in Yahoo's stock price, and then, maybe, they could have sold with a much less loss.
I don't understand.

[CarlosSlim]

Was it T. Boone Pickens who rode the atomic bomb down in "Dr. Strangelove"?

No, wait...that was Slim Pickens.

[Ames Tiedeman]

The man has a hell of a track record. You can bank on that.

[Alex Filonov]

That's what happens when even good (maybe outstanding) investor is buying something he doesn't understand.

[Egg]

Wah

Waaaah

WAAAAAAAAAH

[User 161200]

I am holding on for a while. While I like Google I have done good with Yahoo stock and think it is a hold and just ride it out. Yahoo has some big things going on.

Mary
www.NationalShowTicket...

[User 234527]

after multiple takeover attempts my mircosoft, it is pretty obvious that microsoft needs yahoo more than vise versa.
althougth yahoo has not been doing well recently, it is pretty obvious that google is not going to take over the entire search business.
yahoo definetly has a lot of valuable assets such as yahoo finance, radio, music and a booming international business.
yahoo management has correctly recognized this and although they probably need to make a lot of strategic changes, in the long run it is easily foreseeable to see Yahoo's stock worth much more than the 31 dollars that microsoft was going to pay for it.

somebody please explain to me any other situation where there is any upside for yahoo to merge with microsoft.
does anyone truly see yahoo going all the way down to zero without microsoft ?

[Richz]

While Yahoo may not go to zero, its stock price is back where it was before this merger talk started. Earnings and growth have not been that exciting and that is reflected in the stock price. At this point, I haven't seen anything out of Yahoo to say that the stock is worth more than thirty-one dollars now or in the near future and it seems that the market agrees hence the shares trading around the current twenty dollars.

[Sugiarto]

Boone Pickens should do understand that he has no rights in Yahoo's corporate strategy.
He should feel free to sell or to buy Yahoo' share,and having regard to business ethics.

[Joseph Culligan]

Since we could not find a vehicle registered for T. Boone Pickens, the oil man on television, see what vehicle his wife drives

webofdeception.com/#pi...