T. Boone Pickens Dumps His Yahoo Shares

More news out of Yahoo (YHOO). Yes, I agree – it is getting rather old. This one however, doesn’t involve the usual duo Yang-Icahn. It’s Boone Pickens this time.

Only a few days before the Yahoo Annual Shareholders’ Meeting Aug. 1, where the potential for fireworks has significantly diminished since a truce was declared between the co. and Carl Icahn — Billionaire investor T. Boone Pickens after blasting Yahoo’s management for failing to reach an agreement to sell all or part of the Web portal to Microsoft Corp (MSFT), said Monday – that simply got tired of waiting for a deal and sold his entire holdings (10 million Yahoo shares) at a loss.

“I think that Yahoo management was pathetic,” Pickens reportedly said during a SF Chronicle editorial board meeting he was addressing. He expressed a sense of annoyance and aggravation toward Yahoo’s management for its handling of the takeover negotiations.

Pickens jumped into the stock in May, after investor activist Carl Icahn announced that he would wage a proxy contest to pressure Yahoo’s board into accepting a deal with Microsoft. That apparently, didn’t happen.

As Yahoo heads toward its scheduled annual shareholder meeting for Friday – its second biggest investor has also plans on withdrawing its support for the Board. The move however, is only a symbolic gesture because of the already settled proxy contest with Icahn.

Gordon Crawford of Capital Research and Management who owns a 6.5% stake in Yahoo, is said to be furious and not happy with how both CEO Jerry Yang and Chairman Roy Bostock have failed in their attempts to come to agreement with Microsoft.

Yahoo shares are currently trading at $20.10, after slipping below the $20 mark in early trading.

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About Ron Haruni 1063 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

1 Comment on T. Boone Pickens Dumps His Yahoo Shares

  1. I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you down the road!

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