Kana Software, who’s largest shareholder cried foul after the company announced on June 17 that it would hold its annual meeting four weeks later on July 15 thereby depriving the investor of a chance to nominate its own director to Kana’s board, evidently had second thoughts.
In a press release dated June 25 but not filed with the Securities and Exchange Commission until today, Kana said Read the rest of this entry »
Kana Software’s second largest investor cried foul Monday, alleging that its board of directors was acting unfairly “to hold an uncontested election in troubled times and in the face of stockholder dissatisfaction” in a complaint it filed seeking to postpone the Menlo Park company’s annual meeting.
KVO Capital Management, a New Hampshire investment firm that holds 3.35 million shares, or 8.1 percent, of Kana, said it was blind sided Read the rest of this entry »
KVO Capital Management, the investment firm that advised the management of Kana Software in November that it “would be well served to consider significant changes in business strategy and corporate governance,” today nominated its own candidate for the one director slot up for election to Kana’s classified board at its annual meeting scheduled for July 15.
KVO’s candidate, Melvin Keating, would face off against Read the rest of this entry »
Facet Biotech, the Redwood City drug development company that is facing a proxy fight, now has has a new majority shareholder, according to a regulatory filing Wednesday.
The Baupost Group, a Boston investment company run by Seth Klarman, disclosed owning Read the rest of this entry »
SciClone Pharmaceuticals was told by its largest investor Friday that it intends to nominate four candidates to SciClone’s seven-person board at its next annual meeting.
The request was made by an entity controlled by the Italian pharmaceutical group, Sigma-Tau
Finanziaria, which beneficially owns 21.3 percent of SciClone’s stock.
SciClone’s Chairman, Dean Woodman, said in a filing today that the company’s board would Read the rest of this entry »
Bryant Riley, who filed a shareholder lawsuit against Transmeta in January and said in May he intended to mount a proxy fight at the company’s next annual meeting to have himself and a cohort nominated to its board, will now be nominated to the board by the company itself, according to an agreement announced Tuesday.
Transmeta also agreed to increase its board size from seven to nine directors, and to immediately name to it J. Michael Gullard, who serves on the board of directors at Alliance Semiconductor along with Riley and Melvin Keating, whom Riley had originally nominated along with himself to the Transmeta board.
Riley also agreed to acquire no more than Read the rest of this entry »
The Yahoo drama just heated up yet again. Shortly after midnight EDT, Yahoo released “confirmation” that it had rejected a joint proposal from Microsoft and Carl Icahn proposing a “complex restructuring” of the company that would leave Microsoft owning Yahoo’s search business and immediately replace the current Yahoo board with Icahn’s proposed slate of directors.
The plan was evidently given Friday evening to Yahoo’s board, which “was given less than 24 hours Read the rest of this entry »
Shareholder activist and current Yahoo nemesis Carl Icahn felt it necessary to file his blog post of this morning with the SEC as an attachment to his proxy filing offering a rival slate of nominees to serve on Yahoo’s board of directors. If his proxy fight with Yahoo fails, he may at least have a nice list of subscribers to his blog.
Regarding Your Comments on Yahoo
Posted by Carl Icahn June 27, 2008: 10:16 AM
Many of you have been asking me about Yahoo. Please remember I am in the middle of a proxy fight. A proxy fight involves a complicated process of SEC approvals, federal securities laws, filing requirements and a great deal of time and money.
At this time, due to SEC regulations, I do not intend to post your comments regarding the proxy fight. However, I am planning to give you my views about Yahoo and its management shortly. If you wish to be informed I invite you to subscribe. Stay tuned.
Yahoo Chief Executive Jerry Yang and Chairman Roy Bostock explained why they found their company’s new agreement with Google “so exciting” in a letter to shareholders Wednesday. But the bottom line of the communication was to urge them to vote AGAINST the dissident slate of directors being nominated by Carl Icahn. We quote herewith: Read the rest of this entry »
Yahoo filed details of an FAQ feature it posted for employees on its internal Web site Tuesday regarding the Change in Control Employee Severance Plan it adopted less than two weeks after Microsoft’s initial bid for the company, and which dissident investor Carl Icahn demands the company drop.
Details of the plan surfaced last week when a Delaware court unsealed documents in a Yahoo shareholder lawsuit alleging the company improperly tried to avoid a takeover.
So what kinds of questions did Yahoo management imagine were on its employees’ minds? Read the rest of this entry »
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