BALTIMORE, July 18 /PRNewswire-FirstCall/ -- Bill Miller, Chairman and
Chief Investment Officer of Legg Mason Capital Management (NYSE: LM), has
released the following statement:
"Legg Mason Capital Management, on behalf of its clients, is the
beneficial owner of approximately 60.7 million shares of Yahoo!,
representing 4.4% of the outstanding shares of the company.
At Yahoo!'s August 1, 2008 Annual Meeting, shareholders will vote to
elect the entire Board of the company. Two competing slates of directors
have been nominated -- one slate put forth by the company's current Board
and one by investor Carl Icahn. After consideration of the relevant facts
and circumstances and our fiduciary duty to our clients, it is our
intention to vote in favor of the slate of directors proposed by the
current Board.
We have met with representatives of the current Board and management,
including founder Jerry Yang, several times. 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.
In general, we believe it is appropriate for large shareholders to have
representation on corporate boards if they so desire. Mr. Icahn's slate
includes people experienced in technology, advertising, capital markets and
governance. We would prefer that the company and Mr. Icahn reach a mutual
agreement on the composition of the Board and end this disruptive proxy
contest.
Mr. Icahn has said that Steve Ballmer has made it clear to Mr. Icahn
that Microsoft cannot negotiate a transaction with the current Board of
Yahoo! but would negotiate with a new Board led by Mr. Icahn. While boards
are there to protect shareholder interests, shareholders own the company.
If Microsoft wants to acquire Yahoo!, it can make the terms and conditions
of its offer public. If Yahoo! shareholders support it, I am confident the
Board of Yahoo! will accept it."
About Legg Mason
Legg Mason is a global asset management firm, with $950 billion in
assets under management as of March 31, 2008. The Company provides active
asset management in many major investment centers throughout the world.
Legg Mason is headquartered in Baltimore, Maryland, and its common stock is
listed on the New York Stock Exchange (symbol: LM).
SOURCE Legg Mason
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Related links:
http://www.leggmason.com
CONTACT:
Mary Athridge of Legg Mason, +1-212-805-6035
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