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Yahoo board member Icahn trims stakes with sale of 12.7m shares

Published: 31/08/2009 05:00

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Carl Icahn, one of Yahoo Inc.’s largest stockholders, has already sold 12.7 million shares, reducing his holdings to a 4.5 percent stake, according to media reports Tuesday.

A Yahoo! sign is seen in New York’s Times Square November 18, 2008.(Xinhua/Reuters File Photo)

Icahn made the sale in the stock market’s last three trading sessions, stated a Monday filing with the Securities and Exchange Commission (SEC).

The shares were traded at prices ranging between 14.74 and 14.93 U.S. dollars each, but Icahn paid an average of about 25 dollars per share when he bought most of his Yahoo stake last year. Up to now, 62.9 million shares are still under Icahn’s control.

Icahn made this decision just a month after Microsoft Corp roped Yahoo Inc. into an Internet search partnership. Yahoo’s stock has fallen by 15 percent since it struck the Microsoft deal in July and its shares fell 24 cents Monday to close at 14.61 dollars.

In the SEC filing, Icahn described the sales as part of an effort to balance his portfolio of technology investments. He said he remains optimistic about Yahoo’s long-term prospects with Bartz at the helm and believes in “the wisdom” of the Microsoft partnership.

VietNamNet/Xinhuanet








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