TimmyHPickens Furious at Yahoo Board
August 13th 2008 03:38
Investor Extraordinaire T. Boone Pickens has thumped Yahoo’s management core for failing to reach an agreement to sell the Web Portal to Microsoft Corp.
Pickens owns about 10 million Yahoo shares most of which he bought in May of this year, hoping that the acquisition by Microsoft was imminent. But tired of waiting for a deal to be done, Pickens has sold his entire holding in the company at a loss.
"I think that Yahoo management was pathetic," Pickens has said recently.
These comments have been echoed in investing circles whose top tiers have been disappointed by Yahoo’s decision not to accept Microsoft’s offer. Many have been counting on the investment.
Pickens’ investment began after when Carl Icahn started a campaign to replace the Yahoo board. Pickens, along with a series of other major investors pledged to support the Icahn bid to have a merger-friendly board.
Pickens has been stung by his first venture into the technology market, admitting earlier this month that he was unfamiliar with the industry and was following the lead of Icahn who now controls 3 of the 11 board seats. However, he still lacks the power to get a merger deal through.
Although Pickens appeared not to know too much about the actually price of a potential Microsoft Buy-out, he was adamant that Yahoo’s board had performed poorly. He refused to be drawn on how much money he had actually lost.
Yahoo, through CEO Jenny Yang and Chairman Roy Bostock has repeatedly defended their decision publically saying that it would have been a poor decision for the long-term interests shareholders.
Pickens owns about 10 million Yahoo shares most of which he bought in May of this year, hoping that the acquisition by Microsoft was imminent. But tired of waiting for a deal to be done, Pickens has sold his entire holding in the company at a loss.
"I think that Yahoo management was pathetic," Pickens has said recently.
These comments have been echoed in investing circles whose top tiers have been disappointed by Yahoo’s decision not to accept Microsoft’s offer. Many have been counting on the investment.
Pickens’ investment began after when Carl Icahn started a campaign to replace the Yahoo board. Pickens, along with a series of other major investors pledged to support the Icahn bid to have a merger-friendly board.
Pickens has been stung by his first venture into the technology market, admitting earlier this month that he was unfamiliar with the industry and was following the lead of Icahn who now controls 3 of the 11 board seats. However, he still lacks the power to get a merger deal through.
Although Pickens appeared not to know too much about the actually price of a potential Microsoft Buy-out, he was adamant that Yahoo’s board had performed poorly. He refused to be drawn on how much money he had actually lost.
Yahoo, through CEO Jenny Yang and Chairman Roy Bostock has repeatedly defended their decision publically saying that it would have been a poor decision for the long-term interests shareholders.
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