I’d be ticked as well if I was going to get $33 a share and then see my stock drop to $24 especially when it was trading at $19 when all this started:
Yahoo Inc. Chief Executive Jerry Yang Monday had to tangle with some big shareholders who were displeased that he didn’t reach a deal to sell his company to Microsoft Corp. at a sweetened price.
“I’m extremely disappointed in Jerry Yang,” said Gordon Crawford, a portfolio manager at Capital Research Global Investors, which owns over 6% of Yahoo’s shares. “I think he overplayed a weak hand. And I’m even more disappointed in the independent directors who were not responsive to the needs of independent shareholders.”
At issue was Yahoo’s stance in negotiations with Microsoft Saturday that the company was worth $37 per share, while Microsoft said it was prepared to offer $33. Some of Yahoo’s major shareholders had by late last week signaled to Yahoo that they were open to a deal around $33 or $34 per share, according to people familiar with the matter.
“It’s evident that most shareholders would have been perfectly happy with a transaction in the $34 range,” said Mr. Crawford of Capital Research Global Investors, a division of Capital Research & Management Co. The parent concern in total owned over 16% of Yahoo’s shares according to the latest available regulatory filings, making it Yahoo’s largest shareholder.
posted May 6, 2008 at 8:31 am
But you see Michelle, anybody that owns stock or a mutual fund is a “classist” and a “robber baron”, so we should be glad that “the man” is getting stuck here.