Carl Icahn Gets The Green Light From The FTC Regarding Large Yahoo! Stock Purchases

Posted Jun 1, 2008

American billionaire, Carl Icahn has received the green light from the Federal Trade Commission (FTC) regarding his mass purchase of Yahoo! stock.  The FTC often reviews large stock purchases to ensure that anti-trust regulations have not been violated. 

Last month, Icahn wrote several letters in the form of press releases regarding the way that the Yahoo! Board of Directors handled the Microsoft acquisition bid.  One of the letters contained a list of a new Board of Directors that would be a good fit for Yahoo! Inc.  

At the end of January 2008, Microsoft made an offer at $44.6 billion for Yahoo! and then upped it to $47.5 billion.  When Yahoo! stated that they wanted more, Microsoft walked away.   Below is a timeline of the events.

June 2007: Former Yahoo! CEO, Terry Semel Resigns, Jerry Yang steps up
July 2007: Yang makes a 100 day plan to get Yahoo! off the ground again
February 1, 2008: Microsoft makes an unsolicited offer to Yahoo! for $44.6 billion
February 9, 2008: Yahoo! passes on Microsoft offer
February 11, 2008: Rumor is that Yahoo! may merge with AOL
February 12, 2008: Microsoft CEO, Steve Ballmer sends a letter to Yahoo! â??Microsoft reserves the right to pursue all necessary steps to ensure that Yahoo!â??s shareholders are provided with the opportunity to realize the value inherent in our proposal.â?
February 13, 2008: Layoff notices are given at Yahoo! Ryan Kuder Twitters the entire event
April 4, 2008: Rumors begin to appear that Microsoft is deciding to pull the offer
April 5, 2008: Microsoft sends a letter to Yahoo! stating that they may work out a separate deal with shareholders if a decision isnâ??t made.
April 7, 2008: Yahoo! Announces their AMP! advertising platform and stated that they want more money from Microsoft
April 10, 2008: Rumors appear that News Corp. AOL, and Google all want to arrange deals with Yahoo!
April 12, 2008: Capital Research & Management invests $2 billion more in Yahoo! shares giving them ownership of $6 billion worth of the company
April 30, 2008: Rumor appears Microsoft increases the amount that theyâ??re willing to spend
May 4, 2008: Microsoft walks away from the negotiation table after YahoO! demands too much of a high price for Microsoft
May 4, 2008: Yahoo! responds by saying that through this experience, Yahoo! emerged as a stronger, more focused company
May 7, 2008: Yahoo! & Google become more serious about Google Ads appearing on Yahoo!
May 14, 2008: Major Yahoo! shareholder, Carl Icahn steps in and calls the Yahoo! Board irrational
May 20, 2008: Microsoft makes an offer to buy Yahoo!â??s Search Advertising Business for an undisclosed amount
May 23, 2008: Yahoo! Director, Edward Kozel resigns to â??spend more time with familyâ?
May 23, 2008: Yahoo! postpones shareholder meeting for the second time
May 28, 2008: Jerry Yang claims company isnâ??t under siege and Microsoft is no longer interested in buying out the whole company at All Things D conference
May 30, 2008: FTC officially approves Icahn’s large purchases of Yahoo! stock.