November 29, 2008
Icahn ups Yahoo stake with share buy
Billionaire investor Carl Ichan has upped his ownership stake in U.S. Internet technology company Yahoo Inc., buying 6.8 million shares, documents show.
U.S. Securities Exchange Commission documents revealed Ichan, a board member of the Sunnyvale, Calif., Web search engine and Internet portal, spent approximately $67 million to purchase the shares at $9.88 each, increasing his ownership stake to just under 5 percent of Yahoo's outstanding shares, The Wall Street Journal reported Saturday.
Other Yahoo board members are concentrating on the search to replace departed chief executive Jerry Yang, and have begun interviewing potential candidates, including the leaders of some non-Internet technology companies, sources told the newspaper.