Icahn takeover would trigger severance plan that he hates
One reason Carl Icahn wants to replace the Yahoo board is so that he can rescind the change-in-control severance package Yahoo CEO Jerry Yang put into place after Microsoft made its offer to acquire the company in February. Yahoo says that if Icahn's slate were to take over the company, that would itself be a "change in control" and would trigger the severance provisions. Given this latest obstacle, Henry Blodget wonders when Icahn will pack up and go home.
Our readers, presumably a few Yahoo shareholders among them, hope not too soon. In a poll yesterday, they voted 56 percent to 43 percent in favor of Icahn taking control over the board. Publicly, Icahn too remains optimistic that he can win control and force a Microsoft-Yahoo merger, which he called yesterday a "marriage made in heaven, even though they kind of hate each other." (Photo by AP/Mark Lennihan)