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Yahoo shareholder Eric Jackson announced Tuesday that he's dropping his efforts to launch a proxy fight against the Internet search pioneer, citing cost concerns of going it alone.
Jackson's decision comes as billionaire financier Carl Icahn is weighing a possible proxy fight, according to a CNBC report.
Icahn is said to have begun amassing 50 million shares of Yahoo stock late last week, according to the CNBC report. Shares of Yahoo, which dipped last week after Microsoft pulled its $47.5 billion bid for the Internet search pioneer, climbed 3.4 percent in late morning trading to $26.12 per share on speculation that Icahn may wage a proxy fight.
Meanwhile, earlier in the day, Jackson, in an interview with CNET News.com, gave himself a 40 percent chance of moving forward with his bid, citing the challenges of persuading other partners to help him in his efforts and getting enough dissident directors to take control of Yahoo's board. |
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