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Icahn prepared to fight Yahoo

2008-05-16 20:42:00 (GMT) (Caymanmama.com - Technology News)



New York City, New York (CaymanMama.com) — CNN reported that Carl Icahn has got his arsenal ready to shoot to Yahoo. Icahn, an activist investor, has been staking in Yahoo in the anticipation of an alternative fight. He says that he want to substitute the board of Yahoo so that he can make a pact with Microsoft.

According to him, the board of Yahoo has irrationally acted, did not do the negotiations with the Microsoft properly, and has lost the trust of Microsoft and its shareholders by losing a profitable take-over bid of $33 per share. He calls the actions of Yahoo as ‘unconscionable’ and ‘irresponsible’ and articulates himself as ‘perplexed’, however he says that he will not allow his bewilderment to hinder his course of action.

He says that he possesses 59 million  shares, assembled an alternative board of 10 members and asked the Trade Commission to allow him to purchase stocks worth more than $2 billion. On Thursday, the price of Yahoo shares was $27.45 and Icahn’s stake was worth around $ 1.5 billion.

Carl Icahn has sent a letter to the shareholders in which he has written that in the last week, many shareholders asked him to be the leader of the proxy fight for removing the current board of yahoo and to build a new one so that they can try to negotiate with the Microsoft once again and make a deal with the company. He writes that the present board of yahoo has totally failed. In the letter, he writes, “I believe that a combination between Microsoft and Yahoo is by far the most sensible path for both companies.”



aqhz91 · Filed Under Technology 

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