Nokia shareholders are quite the whiny bunch in light of the Microsoft pact.
- Waaahh. I don't like the Microsoft deal.
- Boo hoo. I wanted a takeover.
- Stephen Elop is a plant!
- This Microsoft deal is the death of Nokia.
In an open letter, recapped by Sam Diaz on Tuesday, a group of nine young Nokia shareholders---unnamed to boot---wrote a letter to shareholders and institutional investors urging them to replace Elop.
This gang of nine, plans to challenge the Microsoft deal at Nokia's annual meeting. A plan B would revamp the company without becoming a commodity player. Update: This group of Nokia shareholders was a hoax.
I have a better idea. Shut up and sell your shares. This is reminiscent of Carl Icahn griping about Yahoo, getting a board seat and then trying to force change. In the end, Icahn did what he should have done---sell Yahoo shares. Icahn would have saved himself a lot of grief---and made more money---if he just shorted Yahoo to oblivion.
Institutional shareholders aren't going to listen to the gang of nine. Why? If they didn't like the Microsoft deal, they sold already. You have a vote. Your shares.
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