Another Carl Icahn press release, this time in the form of an open letter to the Time Warner board protesting the reported planned sale of 5 percent of AOL to Google. Synopsis: he doesn’t like it. Frankly, at this point, I can’t imagine him liking anything that comes from this management or board unless it’s a deep bow in his direction followed by “please, sir, may I have another?”
Icahn: “On the eve of a proxy contest, I believe it would be a blatant breach of fiduciary duty to enter into an agreement with Google that would either foreclose the possibility of entering into a transaction that would be more beneficial for Time Warner shareholders or make such a transaction more difficult to achieve.” He cites a Goldman Sachs report that says deals with eBay or IAC “would provide greater incremental benefits to AOL’s option value: and Google the least.
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