NEW YORK (Reuters) - Billionaire oil investor T. Boone Pickens has sold his entire stake of Yahoo Inc YHOO.O shares in frustration over its failure to reach a deal with Microsoft Corp (MSFT.O), the San Francisco Chronicle reported on Tuesday.
Pickens bought 10 million Yahoo shares in May, backing a bid by activist shareholder Carl Icahn to bring the Internet pioneer back to the negotiating table over a $47.5 billion takeover offer from Microsoft.
Last week, Yahoo reached a settlement to put Icahn and two of his nominees on its board after efforts to revive a Microsoft bid failed. The deal with Icahn spared Yahoo from a proxy battle at its annual meeting on Friday.
“I think that Yahoo management was pathetic,” Pickens was quoted as saying to the San Francisco Chronicle’s editorial board. He sold his entire holdings at a loss, the report said.
Pickens could not immediately be reached.
Shares in Yahoo rose 3 cents to $20.15 on Tuesday, well below a $33 per share offer Microsoft made in early May before negotiations broke apart.
Reporting by Michele Gershberg; Editing by Derek Caney