Microsoft reportedly could succeed with its bid to acquire Yahoo! if activist investor Carl Icahn at an Aug. 1 annual meeting is able to rally shareholders to dismiss Yahoo!'s current board and chief executive Jerry Yang. The move by Icahn faces uncertain prospects since Microsoft reportedly has not yet decided on an asking price or final terms of a new deal. Some sources say, given worsening financial conditions, Microsoft could end up paying less than the $33 a share it offered during the previous round of talks.
Independent interactive shop, Designkitchen, Chicago, has been acquired by WPP Group's Wunderman. Acquisition of the 90-employee shop, which will keep its name, is intended to boost the Web capabilities of Wunderman's Windy City office.
Yahoo! issued a statement blasting a plan by investor Carl Icahn, and backed by Microsoft, to replace the Web portal's directors and CEO Jerry Yang. The statement said in part, "...[I]f Mr. Icahn has an actual plan for Yahoo! beyond hoping that Microsoft might actually consummate a deal which they have repeatedly walked away from, we would be very interested in hearing it."
Some observers expect little breaking news at this year's Allen & Co.'s annual summit of media titans in Sun Valley. Porter Bibb, managing partner at Mediatech Capital Partners, said, "Most companies have real problems and they don't necessarily know where to turn for help."
LinkedIn founder Reid Hoffman is profiled as an entrepreneur whose talent for seeing the big picture has led to investments in successful user-focused startups like Facebook, Digg and Flickr. "Reid sees the next move on the Internet better than anyone in Silicon Valley," said former PayPal and LinkedIn executive Keith Rabois, who now serves as an executive at Slide Inc.