Legg Mason Capital Management supports Yahoo Management

Legg Mason Capital Management supports Yahoo Management

Investors Legg Mason Capital Management has announced that they would back the Yahoo’s Management in the upcoming shareholder’s meeting next month.

They own around 4.4% in Yahoo.

Yahoo is facing pressure from another investor Carl Icahn who wants the company to sell its search business operations to Microsoft.

He aims to replace the company’s board with his own men and replace the current CEO.

Bill Miller, chairman and chief investment officer of Legg Mason spoke about the company’s decision: “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. 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.”