Icahn! goes! double! or! quits! on! Yahoo!
Lost a billion? Spend another $69m
Troublemaking investor Carl Icahn has doubled his stake in Yahoo! despite sitting on a billion dollar loss from his first stake in the firm.
Icahn built up a huge stake in Yahoo! in May when shares were floating around $25. He tried, and failed, to get the board to accept a $33 a share offer from Microsoft.
According to an SEC filing Icahn has bought another 6.9 million shares - for less than $10 each.
Founder Jerry Yang is taking a back seat at the firm and it is looking for a new CEO. Icahn wanted Yang out in order to push through the takeover by Microsoft.
Talks with Microsoft are rumoured to be still going on - possibly just for its search business. And presumably Steve Ballmer is offering a lot less than $33 a share.
Yang's supposed preferred response, an ad deal with Google, has also fallen through. ®