Ichan boosts Yahoo stake

Yahoo Inc.'s search for a new chief executive, activist investor Carl Icahn has bought up close to 7 million additional shares of the Internet company. Icahn, a billionaire hedge-fund manager who threatened to oust Yahoo's board this summer after it rejected a deal with Microsoft Inc., snapped up about $67 million worth of shares over three days this week. Icahn bought 6.8 million shares for an average of $9.92 each in three batches from Monday through Wednesday, bringing his total stake to 75.6 million, or nearly 5.5% of the company. Icahn has been among the loudest voices arguing for a new direction at Yahoo. He threatened to nominate a new slate of directors after the Sunnyvale, California, company rejected a $47.5 billion takeover offer from Microsoft this summer. Yahoo gave him a seat on its board and two other slots for members of his choosing. Yahoo shares closed Wednesday at $10.58, down about 65%, from a 52-week high of $30.25.

Source: (2008, November 28). Icahn boosts Yahoo stake. Retrieved November 29, 2008, from www.cnn.com Web site: http://money.cnn.com/2008/11/28/technology/icahn_yahoo.ap/index.htm?postversion=2008112809