Icahn Could Nominate Slate of Yahoo! (YHOO) Board Members, But Investors May Not Find Out Immediately -Piper Jaffray
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Piper Jaffray is out with a research note this afternoon with its opinion on the failed Microsoft (Nasdaq: MSFT)/Yahoo! (Nasdaq: YHOO) deal and how it relates to Carl Icahn's recent involvement. The firm currently has a Neutral rating and $23 price target on shares of Yahoo!.
Piper Jaffray's Gene Munster points out that with Icahn now possibly pressuring Yahoo! shareholders, the situation looks very similar to Oracle (Nasdaq: ORCL)/BEA Systems (Nasdaq: BEAS) deal: after rejecting what BEA thought was a low bid, Oracle walked away only to come back to the M&A table after pressure from Icahn.
The firm said, "Given Icahn's history, we believe it is unlikely he is investing in Yahoo!'s management for the long term and that it is probable he will take action to bring Microsoft back to the table." Piper believes that Icahn will introduce a new slate of Board members for nomination at Yahoo!'s annual shareholder meeting on July 3rd. Piper notes that the deadline for nominations is tomorrow, so Icahn will likely make a move soon, if he hasn't already.
As Yahoo! "won't immediately send proxy materials" following tomorrow's nomination deadline, according to Piper, the firm believes that investors may not find out if Icahn or another investor has nominated an alternative slate of Board members for some time.
Yahoo! Inc. provides Internet services to users, advertisers, publishers, and developers worldwide.
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