NEW YORK, May 14 (Reuters) - Billionaire investor Carl Icahn has elected to move ahead with plans to run a dissident board slate at Yahoo Inc <YHOO.O>, sources familiar with the matter told Reuters on Wednesday.
Icahn, who has amassed a large stake in the Internet company, has lined up at least 12 potential board candidates and could announce the slate as early as Wednesday night, the sources said. The deadline for nominating a dissident slate is Thursday.
Big investors in Yahoo have publicly chastised Yahoo for failing to seal a buyout deal with Microsoft Corp <MSFT.O>, which abruptly ended talks earlier this month after balking at Yahoo's $37 per share asking price. Icahn's move would have the ultimate goal of pressing Yahoo to agree to be sold, assuming Microsoft is still willing to consummate a deal.
Ryan Jacob, portfolio manager of the Jacob Internet Fund, which holds around 150,000 Yahoo shares, said Icahn will probably prevail in his effort to win board seats.
"There's a reasonable chance that Icahn can be successful," said Jacob. "There's a lot of shareholder unhappiness right now, including ours. It's encouraging because there's the chance that they can be more successful in consummating a transaction with Microsoft."
It was unclear if Icahn plans to run a full slate of ten new directors at Yahoo, or a "short slate," for a non-control position. The details have yet to be worked out, sources said.
One industry expert said he would likely have a better chance with a short slate, since it is unlikely that investors would allow a complete takeover of the board and the attendant uncertainty that such a move would have at Yahoo.
"It's handing the company over to an entirely different team," said Bruce Goldfarb, partner in Okapi Partners, a proxy advisory firm. "While a dissident slate would obviously have a mandate to sell the company, investors just don't give up control without a premium. If Microsoft was on board, he'd have a chance."
The move on Yahoo is the latest of a number of proxy battles that Icahn has recently waged. Last month, Motorola Inc <MOT.N> settled a proxy battle with Icahn by agreeing to add two of Icahn's four nominees to its board.
Representatives of Yahoo and Microsoft declined to comment. (Reporting by Dane Hamilton and Kenneth Li; additional reporting by Robert MacMillan, Michelle Gershberg in New York; Dai Wakabayashi in Seattle; Eric Auchard in San Francisco; and Murali Anantharaman in Boston; Editing by Gary Hill) ((Reuters email: dane.hamilton@thomsonreuters.com. 646 223 6161)) Keywords: ICAHN YAHOO/
COLUMBUS, Ohio, May 14 (Reuters) - Ohio Attorney General Marc Dann, who led investigations into companies blamed for the state's subprime mortgage mess, resigned under a cloud on Wednesday after admitting to an affair with a female staff member.
"Unfortunately, it is now clear that the last step I must take to fix these problems is to resign as attorney general effective immediately," Dann told reporters.
In addition to Dann's relationship with a member of his staff, his office was roiled by sexual harassment claims.
Also, local media reported that authorities staged a raid on the attorney general's offices on Wednesday, carting away documents as part of an undisclosed investigation.
Dann said he did not want to be a distraction from "the great work done by this office."
Calls for Dann's resignation had come from Democrats including Gov. Ted Strickland and State Treasurer Richard Cordray as well as the Republican leaders in the state legislature.
Following Dann's resignation, Strickland told reporters the attorney general's top assistant would take over and that he had made no decision on a longer-term replacement for Dann, who was elected in 2006.
Dann had resisted calls for him to quit, but pressure mounted on Tuesday when House Democrats filed articles of impeachment against him. The legislature had authorized the state inspector general to investigate Dann's office.
In resigning, Dann said the state must continue to use bank regulations and consumer protection laws to "aggressively take on predatory lenders and their co-conspirators."
In January, Dann filed a lawsuit on behalf of a state pension fund against Freddie Mac <FRE.N>, accusing the mortgage finance company of securities fraud for failing to disclose risks from its subprime mortgage-related investments.
Dann's office has also sent civil investigative subpoenas to a number of subprime mortgage companies as part of a probe of possible anti-trust and civil rights law violations, and violations of Ohio's consumer sales practices. His office has declined to name the companies.
Ohio has been hit hard by the subprime-mortgage crisis, ranking eighth among states in foreclosure rates in the first quarter of 2008, according to RealtyTrac.
(Reporting by Jim Leckrone, additional reporting by Karen Pierog in Chicago; Editing by Eric Walsh)
((karen.pierog@thomsonreuters.com; 1 312 408 8647; Reuters Messaging: karen.pierog.reuters.com@reuters.net)) Keywords: OHIO ATTORNEYGENERAL/RESIGNATION
COLUMBUS, Ohio, May 14 (Reuters) - Ohio Attorney General Marc Dann, who led investigations into companies blamed for the state's subprime mortgage mess, resigned under a cloud on Wednesday after admitting to an affair with a female staff member.
"Unfortunately, it is now clear that the last step I must take to fix these problems is to resign as attorney general effective immediately," Dann told reporters.
In addition to Dann's relationship with a member of his staff, his office was roiled by sexual harassment claims.
Also, local media reported that authorities staged a raid on the attorney general's offices on Wednesday, carting away documents as part of an undisclosed investigation.
Dann said he did not want to be a distraction from "the great work done by this office."
Calls for Dann's resignation had come from Democrats including Gov. Ted Strickland and State Treasurer Richard Cordray as well as the Republican leaders in the state legislature.
Following Dann's resignation, Strickland told reporters the attorney general's top assistant would take over and that he had made no decision on a longer-term replacement for Dann, who was elected in 2006.
Dann had resisted calls for him to quit, but pressure mounted on Tuesday when House Democrats filed articles of impeachment against him. The legislature had authorized the state inspector general to investigate Dann's office.
In resigning, Dann said the state must continue to use bank regulations and consumer protection laws to "aggressively take on predatory lenders and their co-conspirators."
In January, Dann filed a lawsuit on behalf of a state pension fund against Freddie Mac <FRE.N>, accusing the mortgage finance company of securities fraud for failing to disclose risks from its subprime mortgage-related investments.
Dann's office has also sent civil investigative subpoenas to a number of subprime mortgage companies as part of a probe of possible anti-trust and civil rights law violations, and violations of Ohio's consumer sales practices. His office has declined to name the companies.
Ohio has been hit hard by the subprime-mortgage crisis, ranking eighth among states in foreclosure rates in the first quarter of 2008, according to RealtyTrac.
(Reporting by Jim Leckrone, additional reporting by Karen Pierog in Chicago; Editing by Eric Walsh)
((karen.pierog@thomsonreuters.com; 1 312 408 8647; Reuters Messaging: karen.pierog.reuters.com@reuters.net)) Keywords: OHIO ATTORNEYGENERAL/RESIGNATION
COLUMBUS, Ohio, May 14 (Reuters) - Ohio Attorney General Marc Dann, who led investigations into companies blamed for the state's subprime mortgage mess, resigned under a cloud on Wednesday after admitting to an affair with a female staff member.
"Unfortunately, it is now clear that the last step I must take to fix these problems is to resign as attorney general effective immediately," Dann told reporters.
In addition to Dann's relationship with a member of his staff, his office was roiled by sexual harassment claims.
Also, local media reported that authorities staged a raid on the attorney general's offices on Wednesday, carting away documents as part of an undisclosed investigation.
Dann said he did not want to be a distraction from "the great work done by this office."
Calls for Dann's resignation had come from Democrats including Gov. Ted Strickland and State Treasurer Richard Cordray as well as the Republican leaders in the state legislature.
Following Dann's resignation, Strickland told reporters the attorney general's top assistant would take over and that he had made no decision on a longer-term replacement for Dann, who was elected in 2006.
Dann had resisted calls for him to quit, but pressure mounted on Tuesday when House Democrats filed articles of impeachment against him. The legislature had authorized the state inspector general to investigate Dann's office.
In resigning, Dann said the state must continue to use bank regulations and consumer protection laws to "aggressively take on predatory lenders and their co-conspirators."
In January, Dann filed a lawsuit on behalf of a state pension fund against Freddie Mac <FRE.N>, accusing the mortgage finance company of securities fraud for failing to disclose risks from its subprime mortgage-related investments.
Dann's office has also sent civil investigative subpoenas to a number of subprime mortgage companies as part of a probe of possible anti-trust and civil rights law violations, and violations of Ohio's consumer sales practices. His office has declined to name the companies.
Ohio has been hit hard by the subprime-mortgage crisis, ranking eighth among states in foreclosure rates in the first quarter of 2008, according to RealtyTrac.
(Reporting by Jim Leckrone, additional reporting by Karen Pierog in Chicago; Editing by Eric Walsh)
((karen.pierog@thomsonreuters.com; 1 312 408 8647; Reuters Messaging: karen.pierog.reuters.com@reuters.net)) Keywords: OHIO ATTORNEYGENERAL/RESIGNATION
COLUMBUS, Ohio, May 14 (Reuters) - Ohio Attorney General Marc Dann, who led investigations into companies blamed for the state's subprime mortgage mess, resigned under a cloud on Wednesday after admitting to an affair with a female staff member.
"Unfortunately, it is now clear that the last step I must take to fix these problems is to resign as attorney general effective immediately," Dann told reporters.
In addition to Dann's relationship with a member of his staff, his office was roiled by sexual harassment claims.
Also, local media reported that authorities staged a raid on the attorney general's offices on Wednesday, carting away documents as part of an undisclosed investigation.
Dann said he did not want to be a distraction from "the great work done by this office."
Calls for Dann's resignation had come from Democrats including Gov. Ted Strickland and State Treasurer Richard Cordray as well as the Republican leaders in the state legislature.
Following Dann's resignation, Strickland told reporters the attorney general's top assistant would take over and that he had made no decision on a longer-term replacement for Dann, who was elected in 2006.
Dann had resisted calls for him to quit, but pressure mounted on Tuesday when House Democrats filed articles of impeachment against him. The legislature had authorized the state inspector general to investigate Dann's office.
In resigning, Dann said the state must continue to use bank regulations and consumer protection laws to "aggressively take on predatory lenders and their co-conspirators."
In January, Dann filed a lawsuit on behalf of a state pension fund against Freddie Mac <FRE.N>, accusing the mortgage finance company of securities fraud for failing to disclose risks from its subprime mortgage-related investments.
Dann's office has also sent civil investigative subpoenas to a number of subprime mortgage companies as part of a probe of possible anti-trust and civil rights law violations, and violations of Ohio's consumer sales practices. His office has declined to name the companies.
Ohio has been hit hard by the subprime-mortgage crisis, ranking eighth among states in foreclosure rates in the first quarter of 2008, according to RealtyTrac.
(Reporting by Jim Leckrone, additional reporting by Karen Pierog in Chicago; Editing by Eric Walsh)
((karen.pierog@thomsonreuters.com; 1 312 408 8647; Reuters Messaging: karen.pierog.reuters.com@reuters.net)) Keywords: OHIO ATTORNEYGENERAL/RESIGNATION
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