Shareholder Icahn reiterates call to replace Yahoo's board

2008-07-15 17:15:00 [ Big Normal Small ]    　Comment

Activist investor Carl Icahn on Monday renewed his call to replace Yahoo's board of directors to pave the way for an acquisition deal with Microsoft. (Xinhua/Reuters Photo)
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    LOS ANGELES, July 14 (Xinhua) -- Activist investor Carl Icahn on Monday renewed his call to replace Yahoo's board of directors to pave the way for an acquisition deal with Microsoft.

Icahn made the call in a filing with the Securities and Exchange Commission (SEC) after Yahoo revealed late Saturday that it had spurned Microsoft's latest attempt to buy its online search engine in a joint proposal made with Icahn.

Icahn urged shareholders to vote for his slate of nine directors, saying he was confident the new board would "in very short order" present shareholders with an offer to sell the whole company or its search functions with large financial guarantees.

Under the Icahn-Microsoft proposal, Microsoft would buy Yahoo's search engine, while Icahn would get Yahoo's remaining pieces.

"During the next few weeks you will be hearing from us about how these changes can be effectuated and a transaction structured to enhance value for all shareholders," Icahn said in a letter to shareholders filed with the SEC.

Yahoo and Microsoft failed to reach a deal in May following the breakdown of last-ditch efforts to negotiate a mutually acceptable sale price. Icahn started a shareholder rebellion a few weeks later, an effort supported by Microsoft which insisted on the replacement of Yahoo's board as a condition for renewing negotiations on a deal.

Hoping to fend off the revolt, Yahoo's board is now willing to sell the entire company to Microsoft for 47.5 billion dollars, or 33 dollars per share -- a price it rejected as too low 10 weeks ago.

Icahn said in his filing that he received assurances from Microsoft CEO Steve Ballmer that Microsoft "would be willing to enter into discussions regarding a transaction immediately" if Icahn's slate is elected in an Aug. 1 vote.

Yahoo shares fell 92 cents, or 3.9 percent, to 22.65 dollars in morning trading, while Microsoft stock added 51 cents, or 2 percent, to 25.76 dollars.

Yahoo rejects joint Icahn-Microsoft proposal 

  LOS ANGELES, July 13 (Xinhua) -- A joint proposal by Microsoft and activist investor Carl C. Icahn to buy out Yahoo has been rejected.

  In a statement issued Saturday night, Yahoo said it had rejected the proposal which was substantially similar to a previous offer that Yahoo had turned down.

Microsoft's bid to buy out Yahoo decried 

  LOS ANGELES, July 9 (Xinhua) -- The U.S. Software giant Microsoft's bid to buy out Yahoo has been decried as tactics to torpedo Yahoo's business.

  Microsoft is trying to torpedo Yahoo's business and has no intent to do a deal with the Internet giant, Yahoo's Chief Executive Officer Jerry Yang said in an interview published on Wednesday.

Microsoft sets new condition for buying out Yahoo 

  LOS ANGELES, July 7 (Xinhua) -- Microsoft said on Monday that it might renew talks to buy Yahoo's search technology or the entire company only after the Yahoo board and its Chief Executive Jerry Yang were ousted.

  Microsoft said in a statement that a buyout of Yahoo would depend on whether billionaire financier Carl Icahn succeeds in ousting the Yahoo board and Yang. 

Microsoft, Yahoo may begin acquisition talks again

  LOS ANGELES, June 24 (Xinhua) -- U.S. software giant Microsoft and major Internet search engine Yahoo may begin new talks about Microsoft's proposal to buy out the Internet company or at least take over its online search business, according to a report Tuesday.

  Silicon Valley blog website TechCrunch, citing multiple sources from both companies, said official talks are back between Microsoft and Yahoo, and Microsoft is talking a price lower than what it offered earlier to Yahoo. 
 

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