Activist investor buys $67 million worth of shares this week, according to SEC filings.
NEW YORK (AP) — In a move likely to fuel speculation over Yahoo Inc.’s search for a new chief executive, activist investor Carl Icahn has bought up close to 7 million additional shares of the Internet company, according to regulatory filings.
Icahn, a billionaire hedge-fund manager who threatened to oust Yahoo’s board this summer after it rejected a deal with Microsoft Inc., snapped up about $67 million worth of shares over three days this week, according to a filing with the Securities and Exchange Commission.
Icahn bought 6.8 million shares for an average of $9.92 each in three batches from Monday through Wednesday, bringing his total stake to 75.6 million, or nearly 5.5% of the company, according to the filing.
Yahoo is looking for a new leader after co-founder Jerry Yang said earlier this month that he will step down as chief executive as soon as the company’s board finds a successor. more