Yahoo’s board is getting the support from Legg Mason. Legg tells Carl Icahn to stop this proxy fight.
It is carefully worded but the message is clear – “get off of Yahoo”. Here is the wording ..“We would prefer that the company and Mr. Icahn reach a mutual agreement on the composition of the Board and end this disruptive proxy contest.”
The press release goes on..
“Legg Mason Capital Management, on behalf of its clients, is the beneficial owner of approximately 60.7 million shares of Yahoo!, representing 4.4% of the outstanding shares of the company.
At Yahoo!’s August 1, 2008 Annual Meeting, shareholders will vote to elect the entire Board of the company. Two competing slates of directors have been nominated — one slate put forth by the company’s current Board and one by investor Carl Icahn. After consideration of the relevant facts and circumstances and our fiduciary duty to our clients, it is our intention to vote in favor of the slate of directors proposed by the current Board.