Icahn pares Yahoo stake with sale of 12.7M shares
SUNNYVALE, California -- Carl Icahn, one of Yahoo's largest stockholders, has sold 12.7 million shares to whittle his holdings in the slumping Internet company to a 4.5% stake.
The sales occurred in the stock market's last three trading sessions, according to a Monday filing with federal regulators.
Icahn, who also is on Yahoo's board of directors, sold the shares at prices ranging between $14.74 and $14.93 each. He paid an average of about $25 per share when he bought most of his Yahoo stake last year.
Yahoo shares fell 24 cents Monday to close at $14.61.
In his filing, Icahn said the sales were part of a strategy to balance his technology investments. He said he remains optimistic about Sunnyvale, California-based Yahoo's long-term prospects.
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