|
|
Icahn demands Yahoo scrap employee severance plan
Summary from Canada, from articles in English
|
Activist investor Carl Icahn escalated his attacks on Yahoo Inc.'s beleaguered board Wednesday in an acerbic letter demanding the directors scrap an employee severance plan that drove up the potential costs of a Microsoft Corp. takeover. (article 1)
If Yahoo's board clings to the severance plan, Icahn indicated he will follow through on his three-week-old threat to ask shareholders to fire the board at the Sunnyvale, Calif.-based company's Aug. 1 annual meeting. (article 1)
"One doesn't have to be a rocket scientist to realize there is a simple method" for luring another offer from Microsoft, Icahn wrote in a letter to Yahoo chairman Roy Bostock. (article 1)
" Simply rescind the... severance plan which would free up approximately $2.4 billion and possibly even more, which could be added to the bid. (article 1)
At Microsoft's initial bid of $31 US per share, the severance plan would have imposed an additional $462 million US to $2.1 billion US. (article 1)
At $35 US per share, the additional severance expenses would range from $514 million US to $2.4 billion US, according to Yahoo's documents. (article 1)
Yahoo president Susan Decker told an advertising conference Wednesday that the two sides remain in "active" discussions, though she didn't provide details. (article 1)
|
Other summaries about this story:
Event tracking:
Story keywords
|
Yahoo, Microsoft, Icahn, Yang, severance |
Source articles
- Icahn demands Yahoo scrap severance plan (cbc.ca, 06/04/2008, 570 words)
|
|
blaster@cs.columbia.edu
|
