BRIEF: Major shareholder Legg Mason supports Yahoo board against Icahn

Jul 18, 2008 (San Jose Mercury News - McClatchy-Tribune Information Services via COMTEX) -- LM | Quote | Chart | News | PowerRating -- One of Yahoo's largest shareholders today declared that he is backing Yahoo's board of directors in its battle with dissident investor Carl Icahn and called on the two sides to "end this disruptive proxy contest."

In a statement released this morning, Bill Miller, chairman and chief investment officer of Legg Mason Capital Management, said he believed Yahoo's board of directors had acted in the best interest of shareholders when it rejected multiple offers by Microsoft to buy all or part of Yahoo.

"While boards are there to protect shareholder interests, shareholders own the company,"Miller noted.

"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."

Miller said that if Microsoft still wants to acquire Yahoo it can make a public offer.

"If Yahoo shareholders support it, I am confident the Board of Yahoo will accept it," Miller said.

Legg Mason controls about 60.7 million shares of Yahoo, or about 4 percent of the company.

Contact Elise Ackerman at eackerman@mercurynews.com or (408) 271-3774.

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