What is Jerry Yang doing? It is one thing to thumb your nose at Microsoft’s (MSFT) Ballmer, but, to do it at Icahn? Jerry, you are officially out of your league…
Yang replied to Icahn’s letter today:
You see, Ballmer ultimately has to play nice because he did not want a mutiny of Yahoo (YHOO) employees when he took over. Icahn, however, could care less. Ballmer will sit back and let Carl get his knuckles dirty beating Yang’s head into the ground and still get what he wants.
Carl does care about Yahoo, he only wants to make a buck. Yang is operating like Carl wants to own Yahoo. The “you do not understand” line must have had Carl howling. No, Jerry, it is you who do not understand who you are no up against. Do what Carl says or he will take control of the board and you will be reading about the already determined outcome in the papers. This is hard ball now and Icahn makes the rules…
By the time this is over, Yang and his cohorts will beg Ballmer to come save them. Anyone want to guess the deal get done for less than $33? You think Microsoft is not buying shares on the open market at $25 to $27?
$37…. really Jerry? It would be another decade before Yahoo saw shares trade at that level. Walk away Jerry, you already took care of yourself.
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Disclosure (“none” means no position): None
