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Information Technology News I think Icahn push up Yahoo! stock price
Information Technology News I think Icahn push up Yahoo! stock price | I think Icahn push up Yahoo! stock price |
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| by Stephen Withers | |
| Monday, 01 December 2008 | |
  
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Between November 24 and 26, Icahn purchased 6.8 million Yahoo! shares at an average price of $US9.92. The company's share price closed at $US11.51 on Friday, giving him a paper profit of $US10.8 million within the week. That's still just a fraction of the $US31 per share offered by Microsoft back in February, when Yahoo! was trading at $US19.18. But it does average down the cost of Icahn's stake in Yahoo! - he reportedly paid around $US25 per share for his original holding. The billionaire now owns approximately 5.5 percent of Yahoo!, which is currently looking for a new CEO following co-founder Jerry Yang's decision to step down once a successor has been found. In related news, there are fresh suggestions that Microsoft is set to make a new proposal to Yahoo!, not for a complete takeover but a $US20 billion bid for the company's search business. |
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