CNBC is reporting the emergence of another powerful body in the fight to control the Yahoo! Board of Directors. A hedge fund, Paulson & Co. has been quietly amassing Yahoo! shares starting shortly after Microsoft made its unsolicited acquisition offer.
Run by veteran investor John Paulson, the hedge fund made billions over the last year betting on the financial chaos of the sub-prime credit meltdown. Paulson & Co. now owns approximately 3.4% of Yahoo!
Paulson is likely to support the group led by Carl Icahn that wishes to push Yahoo! into accepting Microsoft’s $47.5 billion dollar purchase offer.
Yahoo! continues to say it is open to a deal with Microsoft however it wants the bid price raised to $37/share or approximately $53.2 billion. Microsoft has not yet made comment.
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