Legg Mason To Yahoo: We Got Your Back [UPDATED]

When it comes to proxy battles, the only shareholders that matter are Institutional ones as they hold large amounts of stock and can influence which way these battles go. Therefore it’s a good thing for Yahoo that Legg Mason Capital Management who owns 4.4% of Yahoo stock has said that it will vote for Yahoo’s current board:

“We believe the current Board acted with care and diligence when evaluating Microsoft’s offers. We believe the Board is independent and focused on value creation for long-term shareholders,” Bill Miller, chairman and chief investment officer of Legg Mason said in a release.

If other Institutional investors follow the same path, Icahn may not win this battle. Expect similar statements to start appearing over the next few days.

UPDATE: Yahoo now has a site that gives its spin on the proxy fight.

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