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Carl Icahn Takes on Yahoo's Board

Posted by Soulskill on from the ain't-over-till-it's-over dept.

narramissic and several others have written to point out that Carl Icahn has initiated a proxy battle with Yahoo's board of directors over their rejection of Microsoft's bid for the company in February. Icahn has purchased millions of Yahoo shares over the past week and assembled a group of nine other investors (including Mark Cuban) to persuade the board to resume talks with Microsoft. Yahoo remains unimpressed. Icahn's letter to Yahoo accuses: "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 price of $19.18 on the day before the initial Microsoft offer. 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."

3 of 279 comments (clear)

  1. You don't know what Icahn does, do you? by jcr · · Score: 4, Interesting

    He doesn't care about a merger, he wants Yahoo to pay him to fuck off. Look up "greenmail" on wikipedia.

    -jcr

    --
    The only title of honor that a tyrant can grant is "Enemy of the State."
  2. What offer? by palemantle · · Score: 4, Interesting

    What offer is this idiot talking about?
    From TFA: "I and many of your shareholders strongly believe that a combination between Yahoo and Microsoft would form a dynamic company"

    Microsoft, on the other hand, says it is no longer interested http://www.microsoft.com/presspass/press/2008/may08/05-03letter.mspx

  3. Illogical conclusion by monkeySauce · · Score: 4, Interesting

    So according to this guy:

    Microsoft + Yahoo = "Dynamic" ?

    I think he's way off base. If Microsoft is going to be a Dynamic Duo with anyone, it would be more likely some organization that thinks like them and can compliment their business practices, such as:

    Microsoft + Halliburton
    Microsoft + SCO (oops, already happened)
    Microsoft + Phillip Morris
    Microsoft + the Mafia
    Microsoft + Dow Chemical
    Microsoft + Exxon Mobile ...