Yahoo activist directorCarl
Icahnis attempting to depose the Yahoo board
over its handling of the
failed Microsoft takeover
attempt.
Icahn wanted Yahoo to strongly consider the Microsoft bid and
has now put up ten of his own nominees to help run the company, as
well as be more sympathetic to his own substantial stake in
Yahoo.
In an open letter to Yahoo chairman Roy Bostock, Icahn slammed
the way Yahoo handled the Microsoft bid out of hand.
"It is unconscionable that you have not allowed your
shareholders to choose to accept an offer that represented a 72%
premium over Yahoo's closing share price on the day before the
initial Microsoft offer." writes Icahn.
He says, "I and many of your shareholders strongly believe that
a combination between Yahoo and Microsoft would form a dynamic
company, and more importantly would be a force strong enough to
compete with Google on the internet."
Microsoft has now shelved plans to launch a hostile takeover of
Yahoo.
Blog: Can Microsoft swallow Yahoo? >>