Tuesday, May 06, 2008

Yahoo Shareholder Revolt

It seems that spurning Microsoft's sweetened offer may create some real ire among shareholders to boot Yahoo's board.

In my opinion, they all need to go. Sunday, I launched a "withhold" campaign aimed at Yahoo!'s board. I'm asking all Yahoo! shareholders, whether you're Gordy Crawford or Bill Miller or John Doe Investor, to mark the "against" box on the Yahoo! proxy, which you will receive in the coming weeks, ahead of the July 3 Yahoo! annual meeting.

Also this article pointed out some really sad attitudes from Yahoo as well.

People close to Yahoo said that the chief executive, Jerry Yang, and his team, who told Microsoft they would not sell for less than $37 a share, greeted Microsoft’s decision as a victory. High-fives were exchanged Saturday afternoon when they learned Microsoft was backing down.

Yup they pretty much celebrated that they thumbed their noses in the faces of the Evil Empire from Redmond even to the detriment of their own stock. I think if Yahoo had a CEO that was looking out for the shareholders then they would have pulled the trigger on the sweetened deal or maybe even agreed to $34 a share. It is sad to see billions of dollars in investors money wiped out to further an anti-Microsoft agenda.

My prediction is Yang and the board will be out on their ear come that July 3rd shareholder meeting. A bunch of "Abstains" or "Against" votes from shareholders that have lost faith in the leadership at Yahoo (and have lost millions each) will doom them.

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